Advertisements
Advertisements
Question
Each of A and B both opened a recurring deposit accounts in a bank. If A deposited Rs. 1,200 per month for 3 years and B deposited Rs. 1,500 per month for 2 ½ years; find, on maturity, who will get more amount and by how much? The rate of interest paid by the bank is 10% per annum.
Advertisements
Solution
For A
Installment per month (P) = Rs. 1,200
Number of months (n) = 36
Rate of interest (r) = 10% p.a.
∴ `S.I. = P xx (n(n + 1))/(2 xx 12) xx r/100`
= `1200 xx (36(36 + 1))/(2 xx 12) xx 10/100`
= `1200 xx 1332/24 xx 10/100`
= Rs. 6,660
The amount that A will get at the time of maturity
= Rs. (1,200 × 36) + Rs. 6,660
= Rs. 43,200 + Rs. 6,660
= Rs. 49,860
For B
Instalment per month (P) = Rs. 1,500
Number of months (n) = 30
Rate of interest (r) = 10% p.a.
∴ `S.I. = P xx (n(n + 1))/(2 xx 12) xx r/100`
= `1500 xx (30(30 + 1))/(2 xx 12) xx 10/100`
= `1500 xx 930/24 xx 10/100`
= Rs. 5,812.50
The amount that B will get at the time of maturity
= Rs. (1,500 × 30) + Rs. 5,812.50
= Rs. 45,000 + Rs. 5,812.50
= Rs. 50,812.50
Difference between both amounts = Rs. 50,812.50 – Rs. 49,860
= Rs. 952.50
Then B will get more money than A by Rs. 952.50
RELATED QUESTIONS
Sonia had a recurring deposit account in a bank and deposited Rs. 600 per month for 2 1/2 years. If the rate of interest was 10% p.a., find the maturity value of this account.
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.
Mr. Gulati has a Recurring Deposit Account of Rs. 300 per month. If the rate of interest is 12% and the maturity value of this account is Rs. 8,100; find the time (in years) of this Recurring Deposit Account.
Ms. Chitra opened a saving bank account with SBI on 05.04.2007 with a cheque deposit of Rs 11,000/.Subsequently, she took out Rs 3,200/- on 12.05.2007; deposited a cheque of Rs. 8,800/- on 03.06.2007 and paid Rs 2,000/- by cheque on 18.06.2007.
If the rate of simple interest was 5% pa compounded at the end of March and September, find her balance on 1.04.2008
If Pankaj deposits 1,50,000 rupees in a bank at 10 p.c.p.a. for two years, what is the total amount he will get from the bank?
If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be ______.
If the interest on 3000 rupees is 600 rupees at a certain rate for a certain number of years, what would the interest be on 1500 rupees under the same conditions?
Javed deposited 12000 rupees at 9 p.c.p.a. in a bank for some years, and withdrew his interest every year. At the end of the period, he had received altogether 17,400 rupees. For how many years had he deposited his money?
Fill in the blanks in the table.
| Principal | Rate of interest (p.c.p.a.) | Time | Interest | Amount |
| ...... | 5% | ...... | 6000 | 18000 |
Fill in the blanks in the table.
| Principal | Rate of interest (p.c.p.a.) | Time | Interest | Amount |
| ....... | `2 1/2%` | 5 years | 2400 | ...... |
