PLZ HELP SOLVE FAST WITH STEPS OR I WILL REPORT INCORRECT
Mr. Singh opened a recurring deposit account in a bank. He deposited Rs 2,500 per month for two years. At the time of maturity he got Rs 67,500. Find
(i) the total interest earned by Mr. Singh
(ii) the rate of interest per annum.
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Answer:
Step-by-step explanation:
(i) total interest earned by Mr. Singh
= 67500 + 2500
=70000
(ii) the rate of interest per annum
= (67500 × 2500 × 2) ÷ 100
= 3375000
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