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Question
A certain money is deposited in a recurring deposit account for 15 months. If the interest earned for this deposit is one-fifth of the monthly instalment; the rate of interest is ______.
Options
6%
2%
10%
4%
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Solution
A certain money is deposited in a recurring deposit account for 15 months. If the interest earned for this deposit is one-fifth of the monthly instalment; the rate of interest is 2%.
Explanation:
P = ₹ x,
n = 15 months,
I = `1/5 xx x`
∴ `I = P xx (n(n + 1))/(2 xx 12) xx R/100`
`\implies x/5 = x xx (15 xx 16)/(2 xx 12) xx R/100`
`\implies` R = `x/5 xx (2 xx 12)/(15 xx 16) xx 100/x`
∴ R = 2%
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