Question

Mohan deposited Rs 300 per month in a cumulative deposit for 2 years.The bank pays him Rs9000 on maturity.Find the rate of interest.

Answer 1

Answer:

The rate of interest is 11.2 %

Step-by-step explanation:

The deposited principal = p = Rs 300 per month

So, Amount deposited in 2 years = rs 300 × 24 = Rs 7200

Amount after 2 years of deposition = Rs 9000

Time period = 2 years

Let The rate in cumulative deposit = r%

According to question

Amount = principal × $(1+\frac{Rate}{4\times 100})^{4\times time}$

or, Rs 9000 = rs 7200 × $(1+\dfrac{R}{400})^{8}$

Or, $\dfrac{9000}{7200}$ = $(1+\dfrac{R}{400})^{8}$

or, 1.25 = $(1+\dfrac{R}{400})^{8}$

or, $1.25^{\dfrac{1}{8}}$  = 1 + $\dfrac{R}{400}$

or, 1.028 - 1 = $\dfrac{R}{400}$

or, $\dfrac{R}{400}$ = 0.028

∴   R = 11.2

i.e Rate = 11.2%

Hence, The rate of interest is 11.2 % Answer

Answer 2

Answer:

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