Question

Rupa deposited ₹ 200 per month for 15 months in a bank’s recurring deposit account. If the bank pays interest at a rate of 10% per annum, then the interest earned by Rupa during this period is:​

Answer 1

Given:

Money deposited by Rupa per month (P)$=Rs. 200$

Period of  recurring deposit, (n) = 15 months

Rate of interest$=10$%

To find: Interest earned by Rupa.

Solution:

Find the total amount deposited in 15 month.

$\[ = 200 \times 15\]$

$=3000$ Rs.

Find the simple interest (S.I.) earned by Rupa.

$\[\begin{array}{l}S.I. = P\left\{ {\frac{{n\left( {n + 1} \right)}}{2}} \right\} \times \frac{1}{{12}} \times \frac{r}{{100}}\\ \Rightarrow S.I. = 200\left\{ {\frac{{15\left( {15 + 1} \right)}}{2}} \right\} \times \frac{1}{{12}} \times \frac{{10}}{{100}}\\ \Rightarrow S.I. = 100\end{array}\]$

Hence, Rupa will get the amount on maturity$=100+3000$

$=3100$