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Question
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.
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Solution
Installment per month (P) = Rs. 900
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`
= `900 xx (48(48 + 1))/(2xx 12) xx r/100`
= `900 xx 2352/24 xx r/100`
= Rs. (882)r
Maturity value = Rs. (900 × 48) + Rs. (882)r
Given maturity value = Rs. 52,020
Then Rs. (900 × 48) + Rs. (882)r = Rs. 52,020
`\implies` 882r = Rs. 52,020 – Rs. 43,200
`\implies` r = `8820/882` = 10%
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