Question

Mr. Sharma opened a recurring deposit account in a bank. He deposited ₹400 per month for 3

years. At the time of maturity, he got ₹16176. Find:

i) the total interest earned by Mr. Sharma.

ii) the rate of interest per annum.
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Answer 1

Answer:

Installment per month(P) = Rs. 600

Number of months(n) = 20

Rate of interest (r) = 10% p.a.

The amount that Manish will get at the time of maturity

=Rs (600 x 20)+ Rs 1,050

=Rs 12,000+ Rs 1,050

= Rs 13,050 Ans.