Question

Shivangi deposits Rs. 500 every month in a recurring deposit scheme and receives Rs. 16550 at the end of 5/2 years. The rate of interest given by the bank is ​

Answer 1

Answer:

the rate of interest is given by the bank will be: 1284%

Step-by-step explanation:

Given,

P= 500/- ATQ, I+P= 16550

or, I= 16550- 500

so, I= 16,050/-

I= ?

r= ?

t= 2.5 yrs. then, r= 100× 16050×5/ 500× 2

then, r= 1284%