Question

if rupees 7599 is the maturity value on a monthly deposit of rupees 400 for a year and half , fins the rate of interest​

Answer 1

Answer:

Installment per month(P) = Rs. 600

Number of months(n) = 20

Rate of interest (r) = 10% p.a.

Selina Solutions Icse Class 10 Mathematics Chapter - Banking Recurring Deposit Accounts

The amount that Manish will get at the time of maturity

=Rs (600 x 20)+ Rs 1,050

=Rs 12,000+ Rs 1,050

= Rs 13,050 Ans.