Question

Ravi has recurring deposit account in the post office he deposited rupees 500 per month for a period of four years at maturity he gets 28410 find the rate of interest paid by the post office?

Answer 1

P=500. Mv=28410

I = 500×48×49×r/2×12×100

I =490r

total sum deposited= 500×48

=24000

28410-24000=490r

hence r = 9 % per annum

Answer 2

Answer:

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