Question

Mr. jacob has a two years recurring deposit account in SBI and deposits 1500 per month. if he receives Rs. 37875 at the time of maturity find the rate of interest​

Answer 1

Answer:

Step-by-step explanation:

Time is 2 yrs=24months.

Principal=1500

Amount=37875

Interest =P*(n(n+1))/2*R/100*1/12

1500*(24*25)/2*R/100*1/12

Interest=375R

Amount =Principal*time+Interest

37875=1500*24+375R

37875-36000=375R

1875=375R

R=1875/375= 5%

Thus rate of interest is 5%

Answer 2

Answer:

Rate of interest=5%

Step-by-step explanation:

Let the rate be r. Then,

Given:-

Principal= 1,500

Time=2 years=24 months

Rate=r

Amount received at the time of maturity=Total money deposited+ Simple Interest

37,875=(P × n)+ $\frac{P[n(n+1)]}{2*12}$ ×$\frac{R}{100\\}$

37,875=(1500×24)+ 1500×24×25/24 × r/100

37,875= 36,000+ 37,500× r/100

37,875 - 36,000= 37,500 × r/100

1,875=37,500 × r/100

r= 1,875 × 100 / 37,500

∴r=5%

Therefore, rate of interest= 5%