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Shahrukh Opened a ‘Recurring Deposit’ Account in a Bank and Deposited Rs. 800 Per Month for 1½ Years. If He Received Rs. 15,084 at the Time of Maturity, Find the Rate of Interest per Annum. - Mathematics

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प्रश्न

Shahrukh opened a ‘Recurring Deposit’ account in a bank and deposited Rs. 800 per month for 1½ years. If he received Rs. 15,084 at the time of maturity, find the rate of interest per annum.

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उत्तर

Shahrukh deposited Rs. 800 per month for n = `1 1/2 ` years =18 months

∴ Total money deposited 18 x Rs. 800 Rs. 14400

Given that the maturity value = Rs 15084

Intrest paid by the banl

= Maturity Value - Total sum deposited

= 15084 - 14400

= Rs 684

Now

`I = P xx (n(n+1))/(2 xx12) xx r/100`

`=> 684 = 800 xx (18(18 + 1))/(2xx12) xx r/100`

`=> (684 xx 2 xx 12 xx 100)/(800 xx 18 xx 19) = r`

=> r = 6%

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