Mr Gupta-opened a recurring deposit account in a bank. He deposited Rs.
2500 per month for two years. At the time of maturity, he got Rs. 67500.
Find :
(i) the total interest earned by Mr Gupta.
(ii) the rate of interest per annum. (2)
Question 8.
Shahrukh opened a Recurring Deposit Account in a bank and deposited
Rs 800 per month for years. If he received Rs 15084 at the time of
maturity, find the rate of interest per annum
Answers
Step-by-step explanation:
account in a bank. He deposited Rs.
2500 per month for two years. At the time of maturity, he got Rs. 67500.
(i) the total interest earned by Mr Gupta.
(ii) the rate of interest per annum. (2)
Shahrukh opened a Recurring Deposit Account in a bank and deposited
Rs 800 per month for years. If he received Rs 15084 at the time of
maturity, find the rate of interest per annum
given that
Amount deposited by Mr. Gupta per month = ₹ 2500
Period (x) = 2 years = 24 months
Amount got at the time of maturity = ₹ 67500
We know that
Total principal for one month = 2500 × [x (x + 1)]/ 2
Substituting the value of x
= 2500 × (24 × 25)/ 2
By further calculation
= ₹ 750000
Interest = Maturity value – x × deposit per month
Substituting the values
= 67500 – 24 × 2500
= 67500 – 60000
= ₹ 7500
We know that
Period = 1 month = 1/12 year
So the rate of interest = (SI × 100)/ (P × T)
Substituting the values
= (7500 × 100 × 12)/ (750000 × 1)
= 12%