Question

Haneef has a cumulative bank account and deposits 1600 per month for a period
4 years. If he gets 25880 as interest at the time of maturity, find the rate of interest....
​

Answer 1

Answer:

Interest = Rs. 5880

Monthly deposit (p) = Rs. 600

Period (n) = 4 years or 48 months

Hence, deposit for 1 month = p(n) (n+1)/2

                                             = 600*48*49/2    

                                             = Rs. 75600

Let rate of interest = r % p.a  

Interest = Prt/100

  5880 = 705600*r*1/100*12

  5880 = 588r

   r = 5880/588

     = 10

Hence, rate of interest is 10% p.a

Step-by-step explanation:

Answer 2

Answer:

Answer:

Interest = Rs. 5880

Monthly deposit (p) = Rs. 600

Period (n) = 4 years or 48 months

Hence, deposit for 1 month = p(n) (n+1)/2

                                             = 600*48*49/2    

                                             = Rs. 75600

Let rate of interest = r % p.a  

Interest = Prt/100

  5880 = 705600*r*1/100*12

  5880 = 588r

   r = 5880/588

     = 10

Hence, rate of interest is 10% p.a

Step-by-step explanation:

nterest = Rs. 5880

Monthly deposit (p) = Rs. 600

Period (n) = 4 years or 48 months

Hence, deposit for 1 month = p(n) (n+1)/2

                                             = 600*48*49/2    

                                             = Rs. 75600

Let rate of interest = r % p.a  

Interest = Prt/100

  5880 = 705600*r*1/100*12

  5880 = 588r

   r = 5880/588

     = 10

Hence, rate of interest is 10% p.a