Kabir opened a saving bank account with a deposit of Rs. 2500. He closed his account after 2 years. If the bank paid him 6% interest. What amount did he receive?
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Step-by-step explanation:
Given, maturity value =66,250, monthly installment =2,500, n=2 years =2×12=24 months
Interest =
2400
Pn(n+1)r
=
2400
255×24×25×r
=625r
Therefore, amount =(Pn+625r)
⇒66,250=(2500×24+625r)
⇒66,250=60,000+625r
⇒6250=625r
⇒r=10%
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