Question

padmini open a recurring deposit account in district cooperative bank for 10 years for her monthly installment is rupees 100 if if an maturity she gets rupees 3025 as interest what is the rate of interest per annum?​

Answer 1

Answer:

5%

Step-by-step explanation:

Interest = 3025 No. of months = 10 x 12 = 120 Interest on recurring deposit = Monthly deposit x Rate x No. of month (No. x of month + 1)/100 x 24

3025= 100× R× 100×121/ 100+24

3025= 121×5×R

3025= 625× R

R= 3025/625 = 5%

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Answer 2

padmini monthly installement = 100

so, yearly installment = 12×100 = 1200

and her total installment of 10 years = 1200×10 = 12000

formula of interest = P×R×T÷ 100

so, we put values

p = princeple = 12000

T= time = 10 years

R = rate = we find

12000×10×R÷ 100= 3025

3025×100÷120000

2.25

so, answer is 2.25

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