Mrs. Arora opened a recurring deposit account in a bank and deposited Rs 1,500 per month for 3 years. If she got Rs 6,660 as interest, the rate of interest was :
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Answer:Monthly deposit = Rs. 1500
Amount deposited in 2 years (24 months) = Rs. (1500 × 24) = Rs. 36,000
Amount received on maturity = Rs. 37,875
∴ Interest (I) = Rs. (37,875 - 36,000) = Rs. 1,875
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