Question

Mrs. Geeta deposited ₹350 per month in a bank for 1 year and 3 months under the recurring deposit scheme. If the maturity value of her deposits is ₹5565; find the rate of interest per annum.

Answer 1

this is your answer of the question

Answer 2

Answer:

The rate of interest per annum is 9%

Step-by-step explanation:

Given: Mrs. Geeta deposited ₹350 per month in a bank for 1 year.

For 3 months she deposited in recurring deposit scheme.

The maturity value of her deposit is Rs. 5565

To find: The rate of interest per annum

Solution:

Geetha deposited Rs 350 per month in a bonk

Installment per month(P) = Rs. 350

She deposited amount for 1 year and 3 month under recurring deposited scheme

Number of months(n) = 15

Rate of interest (r) = r%

S.I = p × $\frac{n(n+1)}{2*12)}$ × $\frac{r}{100}$

⇒ 350  × $\frac{15(15+1)}{2*12}$ × $\frac{r}{100}$

⇒ 350  × $\frac{240}{24}$  × $\frac{r}{100}$

⇒ Rs. 35 r

Maturity value = Rs(350 × 15) + 35 r

Given maturity value  = Rs. 5565

⇒ 5565 = 5250 + 35r

⇒35 r = 5565 - 5250

⇒35 r  = 315

⇒ r   = $\frac{315}{35}$

r = 9 %

Final answer:

The rate of interest per annum is 9%

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