Question

if shahrukh opened a recurring deposit account in a bank and deposited rs800 per month for 1 1/2 yers, then total deposited money in account is?

Answer 1

Answer:

Step-by-step explanation:

Here, P= money deposited per month = Rs. 800

n= Time for which the money is deposited =1  

2

1

​

 years =18 months.

Let the rate of interest be r% per annum, then

Interest =P×  

2×12

n(n+1)

​

×  

100

r

​

 

=800×  

2×12

18×19

​

×  

100

r

​

 

= Rs. 114r

Total money deposited =18×800= Rs. 14,400

Since money deposited + interest = Maturity value

⇒14,400+114r=15,084

⇒114r=15,084−14,400

⇒114r=684

⇒r=  

114

684

​

=6

Hence, rate of interest =6% p.a.