Question

Mr. David deposited ₹ 100 per month in a cumulative deposit account for 1 year at the rate of 6% р.a.

Statement (1): Qualifying sum of his whole deposit = ₹ 7,800.

Statement (2): Let a sum of P be deposited every month in a bank for n months. If the rate of interest be r% p.a., then interest on the whole deposit = `P xx (n (n + 1))/12 xx r/100`.

विकल्प

• Both the statements are true.

• Both the statements are false.

• Statement 1 is true, and statement 2 is false.

• Statement 1 is false, and statement 2 is true.

Answer 1

Statement 1 is true, and statement 2 is false.

Explanation:

Qualifying sum:

₹ 100 × (12 + 11 + 10 + ... + 1)

= ₹ 100 × 78

= ₹ 7,800

The correct formula is:

Interest = `P × [(n(n + 1)) /(2 xx 12)] × r / 100`

Thus. statement 1 is true, and statement 2 is false.