Question

Ram opened a reccurring deposit account in a bank and deposited ₹300 per month for the two years. if he received ₹7725 at the time of maturity.find the rate of interest per annum

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Answer 1

Step-by-step explanation:

Given:Ram opened a recurring deposit account in a bank and deposited ₹300 per month for the two years. if he received ₹7725 at the time of maturity.

To find: Rate of interest per annum.

Solution:

Money submitted per month (P)=300/-

Time : 2 years

n= 2×12=24 months

Let rate of interest is r%

Formula used:

$\boxed{\bold{\blue{SI = P\times \frac{n(n + 1)}{2 \times 12} \times \frac{r}{100} }}} \\ \\ SI = 300 \times \frac{24(24 + 1)}{24} \times \frac{r}{100} \\ \\ SI = 3 \times 25 \times r \\ \\ SI = 75r$

Maturity value= 24×P+SI

$= 300 \times 24 + 75r \\ \\ = 7200 + 75r$

Actually amount received at maturity is 7725 /-

Thus,

Equate both maturity amount

$7725 = 7200 + 75r \\ \\ 75r = 7725 - 7200 \\ \\ 75r = 525 \\ \\ r = \frac{525}{75} \\ \\ r = 7$

Thus,

Rate of interest should be 7% per annum to claim that maturity amount.

Hope it helps you.

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