Question

Shabana has a cumulative deposit account in State Bank of India. She deposits Rs500 per month for a period of 4 years. If at the time of maturity she gets Rs28,410, find the rate of interst.​

Answer 1

Answer:

Given ↓

P = 500

N = 4×12 = 48 months

Maturity amount = 28410

To find *

Rate of interest?

Solution ★

Total amount = 48×500 = Rs.24000

Total interest = 28410 - 24000

= ₹ 4410

Now,

S.I = \frac{P×R×T}{100×2}100×2P×R×T

4410 = \frac{500×R×48×49}{100×2}100×2500×R×48×49

as [n(n+1)]

4410 = 120×49×R

R = 0.75 in months or 9% in A year

R = 9%

Answer 2

Answer:

yes .ate

Step-by-step explanation:

Shabana has a cumulative deposit account in State Bank of India. She deposits Rs500 per month for a period of 4 years. If at the time of maturity she gets Rs28,410, find the rate of interst.

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