Question

mr.gupta opened a recurring deposit in a bank. he deposited₹2500per month for 2 years at the matority he got ₹67500. Find
a).the total interest earned by mr.gupta
b). the rate of interest per annum
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Answer 1

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$\huge \tt \underline \orange {Answer}$

1) Monthly installment = Rs 2500

$\leadsto$ n = 24, Amount deposited = 2500 × 24

$\mapsto$ Rs 60000

$\leadsto$ Maturity value = Rs 65700

$\leadsto$ Interst on his deposit = Rs. (67500 - 60000)

$\mapsto$ Rs. 7500

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2) Now intrest =

$\longrightarrow$ $\large\sf \frac{n(n+1)}{2} \times \frac{Installment \times rate}{100 \times 2}$

$\longrightarrow$ $\large\sf te = \frac{7500 \times 100 \times 24}{24 \times 25 \times 2500}$

$\pink\longrightarrow$ $\large\underline{\boxed{\pink{\sf 12 \%\: p.a }}}$ $\orange\bigstar$

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$\sf Rate \:of\: intrest\: is$$\bf{\underline\red{12\%\:p.a.}}$

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