Question

mr das has five years recurring deposit amount in state bank of india and deposits rs 2400 per month. if he gets rs 206220 at the time of maturity. find the rate of interest and interest earned?

Answer 1

Answer:

Time=5years

Principle=rs.2400

Amount = rs. 206220

Intetest=amount-principle

=206220-2400

=203820

Rate =

S. I=pxrxt/100

203820=2400x5xr/100

203820=24x5xr

203820/5=24xr

40764/24=r

1,698.5

Therefore, rate=1,698.5 and interest=203820