Question

y 4wUIS
Question - 1
a Mr.Roy has a Recurring Deposit Account in a bank and deposits 80 per month for
18 months. Find the rate of interest paid by the bank. If the maturity value of this account
is 1554​

Answer 1

Answer:

Step-by-step explanation:

P= rs.80

n= 18 months

M. V= rs. 1554

I= P× (n×(n+1)×r)/100×12×2

= 80 ×(18×(18+1) ×r)/100×12×2

= 57×r/5

Total deposit= P×n

= 80×18

= rs. 1440

M. V= I + Total deposit

1554 = ((57×r)/5) + 1440

1554-1440 = (57×r) /5

(114×5) /57= r

r= 10℅

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