Question

Mr Rohit has a recurring deposit account. He deposits ₹600 per month for a period of 3 years. if at time of maturity he gets ₹24, 264 , find the rate of interest​

Answer 1

Step-by-step explanation:

(1) Let the deposit per month =Rs.p

Number of months (n)=36

Rate of interest (r) =7.5%p.a.

∴S.I=P×

2×12

n(n+1)

×

100

r

⇒8325=P×

2×12

36×37

×

100

7.5

⇒8325=P×

2

3×37

×

100

7.5

⇒P=

3×37×7.5

8325×2×100

=Rs.2000

(2) maturity value =P×n+S.I=Rs.(2000×36+8325)=Rs.80325

Answer 2

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(1) Let the deposit per month =Rs.p

Number of months (n)=36

Rate of interest (r) =7.5%p.a.

∴S.I=P×

2×12

n(n+1)

×

100

r

⇒8325=P×

2×12

36×37

×

100

7.5

⇒8325=P×

2

3×37

×

100

7.5

⇒P=

3×37×7.5

8325×2×100

=Rs.2000

(2) maturity value =P×n+S.I=Rs.(2000×36+8325)=Rs.80325

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