Question

Shahruk opened a recurring deposit account in a bank and deposited $800 per month for 1½ years ,if he received $ 15084 at the the time of maturity , find the rate of interest per annum
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Answer 1

Answer:

r = 6%

Step-by-step explanation:

Maturity Value = 15084

Number of Months (n) = 18

Amount deposited each month = 800

Rate of Interest (r) = ? (unknown)

We have to find the rate of interest.

Consider the following formula :-

Maturity Value = Pn + Pnr * (n+1) / 2400

Now substitute the known values.

15084 = 800 * 18 + 800 * 18 * r * (18+1) / 2400

15084 = 14400 + 273600r / 2400

15084 = 14400 + 114r

114r = 15084 - 14400

114r = 684

r = 684 / 114

r = 6%

∴ Rate of Interest = 6%

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Answer 2

Step-by-step explanation:

Amount deposited by Shahrukh per month = ₹ 800

We know that

No. of months (n) = 1 ½ = 3/2 × 12 = 18 months

We know that

Total principal for one month = 800 × [x (x + 1)]/ 2

Substituting the value of x

= 800 × (18 × 19)/ 2

By further calculation

= ₹ 136800

Interest = PRT/ 100

Substituting the values

= (136800 × r × 1)/ (100 × 12)

So we get

= 114r

So the amount of maturity = P × x + SI

15084 = 800 × 18 + 114r

By further calculation

114r = 15084 – 14400

114r = 684

r = 684/114 = 6%

Hence, the rate of interest per annum is 6%.