Question

Ruksana deposited Rs. 600 at the beginning of every month in a recurring deposit
account of a bank for 2 years. If the bank paid Rs. 15,600 at the end of 2 years, find the
rate of interest per annum paid by the bank.​

Answer 1

Step-by-step explanation:

Let the monthly installment be P.

Given, P=200, n=36, r=11%

Interest =

2400

Pn(n+1)r

=

2400

200×36×37×11

=1221

We know, maturity amount =(Pn+1221)=(200×36+1221)= Rs. 8421