Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits 140 per month for 4 years. If he gets * 8,092 on maturity, find the rate of interest given by the bank.
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Installment per month(P) = Rs 140
Number of months(n) = 48
Let rate of interest(r) = r% p.a.
S.I.= P× n(n+1)/2×12 × r/100
=140× 48(48+1)/2×12 × r/100
=140× 2352/24 ×r/100
Rs 137.20
Maturity value= Rs (140 × 48) + Rs (137.20)r
Given maturity value = Rs 8,092
Then Rs (140 × 48) + Rs (137.20)r = Rs 8,092
⇒ 137.20r = Rs 8,092 – Rs 6,720
r= 1372/137.20 = 10%
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