Question

Mr. Richard opened a recurring deposit account in a bank and deposited 2500 per
month for two years.If he gets 67500 at the time of maturity, find the rate of interest
per annum.
​

Answer 1

Answer:

₹7500

Step-by-step explanation:

Given

Instalment per month P= ₹ 2500

Number of months n=24

Amount received at the time of maturity = ₹ 67500.

Let the total interest earned =I

We know that,

Maturity value = Money deposited + Interest

∴67500=2500×24+I

⇒67500=60000+I

⇒I=67500−60000

⇒I=7500

Hence, the total interest earned is ₹ 7500

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