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प्रश्न
Mr. Menon deposit Rs 1,200 per month in a cumulative deposit account for a period of 5 years. After the end of the period, he will receive Rs 88,470. (a) Find the rate of the interest per annum. (b) Find the total interest that Mr. Menon will earn.
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उत्तर
Given that Recurring deposit per month =Rs 1,200, Period= 5 years = 60
Months, R=R0/o, Maturity value =Rs 88,470 Money deposited= Monthly value x No ofMonths=1,200 x 60= Rs 72,000
⇒ Interest that gets for this period =Maturity Value - Amount deposited
= Rs (88,470 - 72,000)
=Rs 16,470
Total Principal for 1 Month = Rs `(1200 xx (60)(60 + 1))/2` = Rs 2196000
Rs 16470 = `("R" xx 2196000)/(12 xx 100)`
⇒ R = `(16470 xx 12 xx 100)/2196000`
R = 9 %
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Amount Deposits (In Rs) |
Balance (In Rs) |
| 09.08.1999 11.08.1999 05.10.1999 10.10.1999 27.11.1999 29.11.1999 |
By Cash By Cheque To Cheque By Cash By Cheque By Cash |
- - 12,000 - 5,000 - |
10,000 5,000 - 17,000 - 3,000 |
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| April 1 | By Balance | 4,600.00 | ||
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| 2006 | ||||
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