Question

Padmini opened a recurring deposit account in district Co-operative bank
for 10 years and her monthly installment is Rs 100. If on maturity she gets
Rs 3025 as interest, what is the rate of interest per annum?​

Answer 1

Step-by-step explanation:

Given Padmini opened a recurring deposit account in district Co-operative bank for 10 years and her monthly installment is Rs 100. If on maturity she gets  Rs 3025 as interest, what is the rate of interest per annum ?

• Interest on maturity = Rs 3025
• Number of months = 10 x 12 = 120
• So Recurring Deposit Interest = Monthly Deposit x Rate x Number of months x (Number of  months + 1) / 100 x 24
•                            3025 = 100 x R x 120 (120 + 1) / 100 x 24
•                             3025 = 100 x R x 120 x 121 / 2400
•                              3025 = 1452000 R / 2400
•                             605 R = 3025
•                                Or R = 5%
• Therefore rate of interest is 5% per annum

Reference link will be

https://brainly.in/question/29988636

Answer 2

Answer:

R=5%

Hope it helps you....