Question

Stephy deposits ₹400 per month in a recurring deposit account at 9% per annum. If she gets ₹10500 at the time of maturity, find the total time for which the account was held.

Answer 1

Using simple interest formula, A = (P × n) + P × n(n + 1)2 × 12 × r100 4950 = (400 × 12) + 400 × 12(13)2 × 12 × r100 26r = Rs.150 r = 5.7%

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