Question

Shilpa has a 4 year recurring deposit account in bank of maharastra and deposit Rs.800 per month. If she gets Rs. 48200 at the time of maturity find the rate of interest and total interest earned by Shilpa.

Answer 1

12*4*800=38400
48200-38400=9800
I=ptr/100
9800=38400*4*r/100
=>r=6.38

Answer 2

hey mate here is your answer:

=>Given:

P=₹800

n=12×4=48 months

M.V.=₹48200

I=? and R=?

Formula:

$= > maturity \: value = p \times n + interest$

$= > 48200 = 800 \times 48 + interest$

$= > interest = 9800$

$interest = p \times \frac{n(n + 1)}{24} \times \frac{rate}{100}$

$= > 9800 = 800 \times \frac{48 \times 49}{24} \times \frac{rate}{100}$

$rate = \frac{9800 \times 24}{48 \times 49 \times 8}$

$rate = 12.5\%$

Therefore,rate of interest is 12.5% and interest earned by Shilpa is ₹9800.