Question

Navin invests rupees 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 :​

Answer 1

Answer:

0.4% per month

Step-by-step explanation:

The total rupees invested in 30 months = 90×30=2700

Total interest = 3048.75 - 2700 = 348.75

%total interest = 12.9℅

Rate of interest = 12.9 ÷ 30 = 0.4%

Answer 2

Given:

No. of months = 30 months

Final amount = Rs 3048.75

Amount invested per month = Rs 90

To find:

Rate of interest

Solution:

Let P be the principal amount, R be the rate of interest, A be the amount obtained at the time of maturity and T be the time in months. Then,

$A=P(1+RT)$

$3048.75=90(1+30R)$

$\frac{3048.75}{90}=1+30R$

$33.875=1+30R$

$33.875-1=30R$

$32.875=30R$

$\frac{32.875}{30}=R$

$R=1.09$

Final Answer:

Rate of interest is 1.09