Shahrukh opened a recurring deposit account in a bank and deposited 800 per month for 1 by 1 whole 1 by 2 years if he received 15084 at a time of maturity find the rate of interest per annum
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happy to become an issue that the river flowing in a
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Shah Rukh deposited = 800 per month for n =1 1/2year =18months
total money deposited 18x RS 800rs .14400
given that the maturity value =RS 15084
interested paid by the bank.
=maturity value - total sum deposited
=15084 - 14400
=RS 684
now
I= P X n(n+1)/2*12 *r/100
=684= 800 * 18(18+1)/2*12 * r / 100
=684*2 *12*100/800*18*19=r
=r=6percent
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