Question

Shahrukh opened a Recurring Deposit Account in a bank and deposited ₹ 800 per month for one and half years , If he received ₹15,084 at the time of maturity, find the rate of interest per annum.


please answer fast ​

Answer 1

Answer:

19%

Step-by-step explanation:

p = 800

n = 1.5 x 12 = 18

let the rate of interest be r

mv = 15084

∵ mv = p x n + p x [n(n+1)/2 x 12] x r/100

15084 = 800 x 18 + 800 x [18(18+1)/2 x 12] x r/100

15084 = 14400 + (800 x 18 x 19 x r) / 2 x 12 x 100

15084 - 14400 = 36r

684 = 36r

36r = 684

∴ r = 684/36

  r = 19

so required rate of interest per annum is 19%

Answer 2

Step-by-step explanation:

Total money deposited 18xRs800 Rs 14400

Given that the maturity value=Rs 15084

=Maturity value - total sum

deposite

=15084-14400

=Rs 684

Now

I=P x n(n+1)/2x12x r/100

=684=800×18(18+1)/2x12xr/100

=684x2x12x100/800x18x19=r

Answer= r=6%