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Question
₹ 800 per month is deposited in an R.D. account for one and half years. If the depositor gets ₹ 2,280 as interest at the time of maturity, the rate of interest is ______.
Options
20%
15%
10%
12%
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Solution
₹ 800 per month is deposited in an R.D. account for one and half years. If the depositor gets ₹ 2,280 as interest at the time of maturity, the rate of interest is 20%.
Explanation:
P = ₹ 800,
n = `1 1/2` years
= `(3/2 xx 12)` months
= 18 months
And I = ₹ 2280
We know that
`I = P xx (n(n + 1))/(2 xx 12) xx R/100`
`\implies 2280 = 800 xx (18 xx 19)/(2 xx 12) xx R/100`
`\implies` R = `2280 xx (2 xx 12)/(18 xx 19) xx 100/800`
`\implies` R = 20
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