Question

Haneef has a cumulative bank account and deposits ₹600 per month for a period of 4 years. if he gets ₹5880 as interest at the time of maturity, find rate of interest​

Answer 1

Answer:

ANSWER : 10

Step-by-step explanation:

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

                                              =2600∗48∗49 

                                              =Rs. 75600

Let rate of interest =r % p.a

Interest=Prt/100

  5880=100∗12705600∗r∗1

   5880=588r

    r=5880/588

      r=10