Question

Saloni deposits Rs 500 every month in a recurring deposit account and receives Rs 16550 at the end of 2 and half years. Calculate the Rate of interest given by the bank. (this question consists three formula)

Answer 1

ptr/100 = 15000*30*r/100. =16550
r = 16550*100/15000*30
1655/450
=3.67

Answer 2

Answer:

Rate of interest given by the bank is 3.67777percent

Step-by-step explanation:

given,

total principal amount for two and half years=30*500=15000

time =2 and half years=30months

Total interest recieved=16550rs

$i = \frac{ptr}{100}$

$16550 = \frac{15000 \times 30 \times r}{100}$

$r = 3.6777\%$

Rate of interest given by the bank is 3.67777percent

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