Question

Navin invests 90 per month in a Recurring Deposit Scheme of a bank for 30 months. If he gets
3048.75 at the time of maturity, then the rate of interest is:
(b) 8%
(C) 10%
(d) 12%
(a) 6%

Answer 1

10%.

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Answer 2

Given:

The principal mount deposited per month ($P$) = Rs: $90$

Time ($n$) = $30$ months

Maturity amount = Rs: $3048.75$

To find:

The rate of interest

Formula:

$Maturity\;amount\;=\;Total\;deposits\;+\;Interest$

$Total\;deposits\;=\;Monthly\;deposits\;\times\;Number\;of\;months$

$Interest\;=\;\frac{P\;\times\;n\;\times\;(n\;+1)}2\;\times\;\frac1{12}\;\times\;\frac r{100}$

Step-by-step explanation:

Total deposits = $90\;\times\;30$

∴ Total deposits = Rs: $2700$

Interest = $3048.75\;-\;2700$

∴ Interest = Rs: $348.75$

$r\%\;=\;\frac{I\;\times\;12\;\times\;2\;\times\;100}{P\;\times\;n\;\times\;(n+1)}$

$r\%\;=\;\frac{348.75\;\times\;12\;\times\;2\;\times\;100}{90\;\times\;30\;\times\;(30+1)}$

$r\%\;=\;\frac{837000}{83700}$

$r\;=\;10\%$

Answer:

Therefore, the rate of interest is option (c) $10\%$