Question

nasir deposits rs 4025 per month in a recurring deposit account for 3 years at the rate of 5% per annum simple interest

Answer 1

Step-by-step explanation:

Given, maturity value =66,250, monthly =2,500, n=2 years =2×12=24 months

Interest =

2400

Pn(n+1)r

=

2400

255×24×25×r

=625r

Therefore, amount =(Pn+625r)

⇒66,250=(2500×24+625r)

⇒66,250=60,000+625r

⇒6250=625r

⇒r=10%

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