Question

the maturity value of a recurring deposit account is Rs 11364 in 4 year.If the monthly deposit is Rs 200;Find the rate of interest
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Answer 1

Answer:

The maturity value of a recurring deposit account is ` 11,364 in 4 years. If the monthly

deposit is ` 200, find the rate of interest.

Answer 2

Given,

Maturity amount MA = 11364

Time period n = 4

Principal amount P = 200

To find,

The rate of interest.

Solution,

Given that amount got on mature = 11364

Number of year n = 4years/ 48 months

Principal amount P = 200

Interest I = $P * \frac{n(n+1)}{2*12}$$*\frac{r}{100}$

I= 200×$\frac{48(48+1)}{24}\frac{r}{100} }$

I = 196r

MA = P×n+I

200×48+196r =11364

9600+196r=11364

196r= 11364 - 9600

196r=1764

r= $\frac{1764}{196}$

r = 9%

The rate of interest is 9%.