Rs. 2400 per month is deposited in a bank for 1 year and six months under the recurring deposit scheme. If the maturity value of the scheme is 47, 304, find the rate of interest.
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Answer:
Given, P= Rs. 1200, n=3×12=36 months, r=10%
Interest =
2400
Pn(n+1)r
=
2400
1200×36(36+1)10
=6660
Maturity value =1200×36+6660= Rs. 49860
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