Sunita deposit rs 500 in the beginning of the every month in r.d. account and get rs 67400 as the maturity value at the end of the 8 years find the rate of the interest paid by the bank
Answers
Step-by-step explanation:
Principal amount = 500 rs.
Amount = 67400 rs.
Time = 8 years
SI = Amount - Principal amount
= 67400 - 500
= 66900 rs.
Rate p.a. = SI * 100
————
P * T
= 66900 * 100
——————
500 * 8
= 669 * 100
————
5 * 8
= 66900
————
40
= 6690
————
4
Answer = 1
1674 ——
2