Question

Sandeep deposits Rs 2000 per month in a
Recurring Deposit Account for 3 years. At the time
of maturity he gets Rs 80,880. Find the rate of
interest per annum.​

Answer 1

Answer:

P×n(n+1) divided by 2400

Step-by-step explanation:

following the formula we get 1110r as interest

7200 +1110 r=80880

8880=1110r

r=8880/1110

rate =8 %

hope it helped you .

Answer 2

The expected rate of interest is 8%.

Given:

Principal amount (P) = Rs. 2000

Time period (n) = 3 years= 36 months

Maturity amount= Rs. 80,880

To Find:

Rate of interest per annum (r).

Solution:

Let the rate of interest be r.

We know that,

Amount deposited= P x n= 2000 x 36= Rs. 72,000

$Interest= \frac{PXn(n+1)}{2X12}(\frac{r}{100})$

Putting P= Rs. 2000 and n= 36 months, we get,

$Interest= \frac{2000X36(36+1)}{2X12}(\frac{r}{100})= 30 X37Xr= 1110r$

Therefore,

Maturity amount= Amount deposited + Interest

or, 80,880= 72,000 + 1110r

or, 1110r = 80,880- 72,000= 8880

or, r = 8880/1110

or, Rate of interest, r= 8

Hence, the expected rate of interest is 8% per annum.

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