Question

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⭐THIS IS AN ICSE CLASS 10 MATH QUESTION⭐

⭐ Correct and fair Answer will be mark as BRAINLIST ⭐

QUESTION :- Lata has a cumulative time deposit account in a post office. She deposits Rs 600 per month. If the rate of interest is 10 % p.a. and on maturity she gets Rs 5880 as a interest on her deposit, find the maturity period of the account.

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Answer 1

Step-by-step explanation:

Interest at the time of maturity = ₹ 5880

Amount deposited by Haneef = ₹ 600

Period (x) = 4 years = 48 months

We know that

Total principal for one month = 600 × [x (x + 1)]/ 2

Substituting the value of x

= 600 × (48 × 49)/ 2

By further calculation

= ₹ 705600

Consider r% p.a. as the rate of interest

Interest = PRT/ 100

Substituting the values

5880 = (705600 × r × 1)/ (100 × 12)

So we get

5880 = 588r

By further calculation

r = 5880/588 = 10

Hence, the rate of interest = 10% p.a.

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