Advertisements
Advertisements
Question
Deepa has a 4-year recurring deposit account in a bank and deposits Rs 1,800 per month. If she gets Rs 1,08,450 at the time of maturity, find the rate of interest.
Advertisements
Solution
Installment per month (P) = Rs. 1,800
Number of months (n) = 48
Let rate of interest (r) = r% p.a.
∴ `S.I. = P xx (n(n + 1))/(2 xx 12) xx r/100`
= `1800 xx (48(48 + 1))/(2 xx 12) xx r/100`
= `1800 xx 2352/24 xx r/100`
= Rs. (1,764)r
Maturity value = Rs. (1,800 × 48) + Rs. (1,764)r
Given maturity value = Rs. 1,08,450
Then Rs. (1,800 × 48) + Rs. (1764)r = Rs. 1,08,450
`\implies` 1764r = Rs. 1,08,450 – Rs. 86,400
`\implies` r = `22050/1764` = 12.5%
RELATED QUESTIONS
Priyanka has a recurring deposit account of Rs. 1000 per month at 10% per annum. If she gets Rs. 5550 as interest at the time of maturity, find the total time for which the account was held.
Mr. Bajaj needs Rs. 30,000 after 2 years. What least money (in multiple of 5) must he deposit every month in a recurring deposit account to get required money at the end of 2 years, the rate of interest being 8% p.a.?
Rishabh has the recurring deposit account in a post office for 3 years at 8% p.a. simple interest. If he gets Rs 9,990 as interest at the time of maturity, find:
1) The monthly instalment.
2) The amount of maturity.
Gopal has a cumulative deposit account and deposits Rs. 900 per month for a period of 4 years he gets Rs. 52,020 at the time of maturity, find the rate of interest.
Geeta opened a savings bank account in a bank on `7^"th"` Nov., 08 and deposited Rs. 750. She withdrew Rs. 200 on `30^"th"` Nov., 08. If no other withdrawal or deposit was made by her during this month; find the amount on which she would receive interest for the month of Nov., 08.
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.
Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value.
Mr. S.K. Mishra had a Savings Bank Account in Punjab National Bank. His Passbook had the following entries:
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| 1998, Jan. 8 | By Cash | - | 500·00 | 500·00 |
| March 19 | To Cheque No. 626 | 100·00 | - | 400·00 |
| May 23 | By Cheque | - | 1500·00 | 1,900·00 |
| July 29 | To Withdrawals Slip | 200·00 | - | 1,700·00 |
| Sept 2 | By Cash | - | 1,300·00 | 3,000·00 |
If the interest is paid at the rate of 5% per annum at the end of September every year, calculate the amount he will get if he closes the account on October 30, of the same year.
Mr. Sameer has a recurring deposit account and deposits ₹ 600 per month for 2 years. If he gets ₹ 15600 at the time of maturity, find the rate of interest earned by him.
A man gets ₹ 1,404 as interest at the end of one year. If the rate of interest is 12% per annum in R.D. account, the monthly instalment is ______.
