Question

Kishore opened a Recurring Deposit Account in a bank and deposited Rs.800 per month for 1 year and 6 months. If he received Rs.15084 as maturity value, find the rate of interest.

Answer 1

Answer:

6%

Step-by-step explanation:

Deposit per month = Rs 800

Period = 1 year 6 months = 18 months

Find total amount deposited:

1 month = Rs 800

18 months = 800 x 18 = Rs 14400

Find interest earned:

Interest earned = Sum - Principal

Interest earned = 15084 - 14400 = Rs 684

Find interest rate:

$\text {Interest = }P \times \dfrac{n(n+1)}{12\times2} \times \dfrac{r}{100}$

$684 = 800 \times \dfrac{18(18+1)}{12\times2} \times \dfrac{r}{100}$

$684 = 114r$

$r = 684 \div 114$

$r =6$

Answer: The interest is at 6%

Answer 2

Answer:

r= 6%

Step-by-step explanation:

P= Rs 800

M V= Rs 15084

n =  18 months

M V= P r n(n+1)/2*100*12  + P n

15084 = 800*r*18(18+1)/2*100*12 +  800*18

15084= 4*r*19  +800*18

15084 - 14400 = 76 r

684= 76 r

684/76=r  

r = 6%

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