Question

The maturity value of a recurring deposit account is ₹ 2500 in 24 months. If the monthly deposit is ₹ 100, find the rate of interest​

Answer 1

Step-by-step explanation:

24months =2years

then in two years the principal should given=100*24=2400

so total interest=2500-2400=100

then, the rate of interest=100/(2400*2) *100=100/48=2 1/12%