reena made a fixed deposit for certain years. She deposited 12000 and after maturity of the fixed deposirt she got 15972. The interest rate was 10% p.a. compounded annually. Find the time.
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Answer:
Given
Installment per month P=800
Number of months n=48
Amount received at maturity =48200
Let
Rate of interest be r% p.a
∴S.I.
=P×
2×12
n(n+1)
100
r
=800×
2×12
48(49+1)
×
100
=8×2×49×r
=784 r
Now, Maturity value = Money deposited + Interest
⇒48200=800×48+784 r
⇒48200=38400+784 r
⇒784 r=48200−38400=9800
⇒r=
784
9800
⇒r=12.5
Hence, the rate of interest is 12.5%
Step-by-step explanation:
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