Question

kunal has a cumulative deposit account in Dena bank. He deposit Rupees 500 per month 41/2 years @12% per annum. Find the interest​

Answer 1

Installment per month (P)=Rs.900

No. of months (n)=4 years=12×4=48 months

Let rate of interest be r% per annum

t=

2×12

n(n+1)

=

24

48×49

=98

∴S.I.=P×

2×12

n(n+1)

×

100

r

⇒S.I.=900×

2×12

48(48+1)

×

100

r

=Rs.882r

Maturity value =Rs.(900×48+882r)=Rs(43200+882r)

maturity value =Rs.52020

∴43200+882r=52020

⇒882r=52020−43200

⇒r=

882

8820

=10%

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Answer 2

Answer:

If he gets Rs. 52020 at the time of maturity, find the rate of interest. ... and deposits Rs. 900per month for a period of 4 years. If he ... Let rate of interest be r% per annum.

Step-by-step explanation:

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