Question

Mr. Gupta opened a recurring deposit account in a bank. He deposited 2500 per month for
2 years. At the time of maturity he got 267500. Find :
the total interest earned by Mr. Gupta.
​

Answer 1

Step-by-step explanation:

(i) Monthly installment = Rs. 2500

n =2 years = 24 months, Amount deposited = 2500×24 = Rs. 60000

Maturity value = Rs. 67,500

Interest on his deposit = Rs. (67500 - 60000) = Rs. 7500

(ii) Now, Interest

Rate = 12% p.a.

Rate of interest is 12% p.a.

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