haneef has a cumulative bank account and deposits Rs600 per month for a period of 4 years .if he gets Rs 5880 as interest at the time of maturity find the rate of interest
Answers
Given: deposits Rs600 per month for a period of 4 years and get Rs 5880 as interest at the time of maturity
To Find : rate of interest
Solution:
Let say Rate of interest = R % per month
1st Deposit will get rent for 4 Years = 48 months
Last Deposit will get rent for 1 month
Interest for 48 months = 48 * R * 600/100
= 48 * (6R)
interest for 1 month = 1 * R * 600/100
= 6R
Total interest = 6R ( 48 + 47 + ........................+ 2 + 1)
= 6R * 48 * 49 /2
= 6R * 24 * 49
6R * 24 * 49 = 5880
=> R = 5/6
5/6 % per month
Per annum = 12 * (5/6)
= 10 % Per annum
Rate of interest would be 10 % per annum
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Answer:
haneef has a cumulative bank account and deposits Rs600 per month for a period of 4 years .if he gets Rs 5880 as interest at the time of maturity find the rate of interest