Question

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Anil opened a Recurring Deposit Account in a bank and deposited 400 per month for three years.
If he received *15732 at the time of maturity, find the rate of interest per annum.​

Answer 1

Step-by-step explanation:

Number of months=36

S.I=222r

Maturity value=(400×36)+222r=

Given value=15732

(400×36)+222r=15732

we get 222r=1332

r=6% per annum

ANSWER IS 6%

Answer 2

ǫᴜᴇsᴛɪᴏɴ:

• Anil opened a Recurring Deposit Account in a bank and deposited 400 per month for three years. If he received Rs 15732 at the time of maturity, find the rate of interest per annum.

ᴄłєαяły, ᴡє ʜαѵє :

• Principal ➻ Rs. 400 per month
• Time ➻ 3 years

❍ So, we know 1 year = 12 month

≽ 3 year = 12 ༝ 3

≽ Now, 36 month.

• Matured Value (MV) ➻ Rs. 15732

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★ Need to find : Rate of Interest.

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We Know,

• Matured Value ➝ P ༝ n + I
• Interest ➝ P ༝ n(n + 1)/ 2 ༝ 12 ༝ r/100

✏ First, we find Interest -

• So, using the formula of Matured Value.

❯❯ Matured Value ➝ P ༝ n + I

❯❯ 15732 = 400 ༝ 36 + I

❯❯ 15732 = 14400 + I

❯❯ 15732 - 14400 = I

❯❯ 1332 = I

• Hence, we know the interest is Rs 1332.

━━━━━━━━━━━━━━━━━━

✏ Now, we find Rate -

• So, using the formula of Interest.

≻ Interest ➝ P ༝ n(n + 1)/ 2 ༝ 12 ༝ r/100

≻ 1332 = 400 ༝ 36 (36 + 1)/ 2 ༝ 12 ༝ r

≻ 1332 = 4 ༝ 36 ༝ 37 / 2 ༝ 12 ༝ r/100

≻ 1332 = 2 ༝ 3 ༝ 37 ༝ r

≻ 1332 = 222r

≻ 1332/222 = r

≻ 6% = r

• Hence, the rate of interest is 6%.

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⚘ ᴋɴᴏᴡ ᴍᴏʀᴇ :

❖ P ➺ Principal

❖ T ➺ Time

❖ R ➺ Rate

❖ I ➺ Interest

❖ M.V ➺ Matured Value

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@ℐᴛᴢӇᴀᴘᴘʏҨᴜᴇᴇɴ࿐