Question

Haneef in a cumulative bank account and deposits ₹600 per month for a period of 4year. If he gets ₹5880 as interest at the time of maturity,find the rate of interest per annum

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

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