Vishal deposited rs.200 per month for 5 years in a recurring deposit account in post office. of he received rs.13830 find the rate of deposit
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Time = 5 years which is equal to 60 months
The amount would be = 200 x 60 x 61/2 = 366000
Now we will assume the rate of interest to be r%
Simple Interest = 366000 x r x 1 / 100 x 12
= 305 r
Principal = 200 x 60
= Rs. 12000
Amount = Rs. 13830
Simple Interest = Rs. 1830
305 r = 1830
= 6
R = 6%
If there is any confusion please leave a comment below.
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