Question

Rajeev has a recurring deposit account in a bank. He deposits ₹ 2500 per month for 2 years. If the interest paid by bank is ₹ 6250, the rate of interest is

Answer 1

Answer:

) P = Rs. 2500, n = 2 years = (2 × 12) months= 24 months

Total Principal = Rs. 2,500 × 24 = Rs. 60,000, Amount = Rs. 66,250

Interest = Amount – Principal = Rs. 66,250 – Rs. 60,000 = Rs. 6,250

Thus, the interest paid by the bank is Rs. 6,250.

2) Let r be the rate of interest.

N = `(n(n+1))/(2xx12) = (24 xx 25)/(2xx12)` = 25 year

This is equivalent to depositing Rs. 2,500 for 25 yrs.

Interest = `(PxxNxxR)/100 => 6250 = (2500 xx 25 xx R)/100 => R = 10`

Thus, the rate of interest is 10%.

Step-by-step explanation:

please give me brainliest