Question

Naseem has a 5 years Recurring Deposit account in Punjab National Bank and deposit Rs 240 per month. If she receives Rs 17,694 at the time of maturity find the rate of interest.​

Answer 1

Answer:

Step-by-step explanation:

Here if r% be the rate of interest.

Maturity value

= ₹ (240 × 60) + ₹ (240 × 60 × 61/2 × 12 × r/100)

17694 = 14400 + 366r

366r = 3294

r  = 9%.