Ross deposited ₹600 per month in a recurring deposit account for 3 years. If the bank paid him ₹24930 at the time of maturity, find the total interest paid by the bank.
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What the rate of interest?
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Answer:
Maturity value for the recurring deposits = Total Sum of Money deposited + Interest earned on it
P = Amount deposited every month
n = number of months the deposits were made
r\% = rate of interest
P = Rs. \ 600, \ n = 20, \ r = 10\%
Maturity Value
= P \times n + P \times
\frac{n(n+1)}{2 \times 12}
\times
\frac{r}{100}
= 600 \times 20 + 600 \times
\frac{20(20+1)}{2 \times 12}
\times
\frac{10}{100}
= Rs. 13050
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