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Question
Haneef has a cumulative bank account and deposits Rs. 600 per month for a period of 4 years. If he gets Rs. 5880 as interest at the time of maturity, find the rate of interest.
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Solution
Interest = Rs. 58800
Monthly deposit (P) = Rs. 600
Period (n) = 4years or 48months
∴ Deposit for 1month
= `("P"("n")("n" +1))/(2)`
= `(600 xx 48 xx 49)/(2)`
= Rs. 705600
Let, rate of interest = r % p.a.
Interest
= `"Prt"/(100)`
⇒ 5880 = `(705600 xx "r" xx 1)/(100 xx 12)`
5880 = 588r
∴ r = `(5880)/(588)` = 10
∴ Rate of interest = 10% p.a.
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Amount Deposited (Rs.) |
Balance (Rs.) |
| Jan 7, 2016 | B/F | 3,000.00 | ||
| Jan 10, 2016 | By Cheque | 2600.00 | 5600.00 | |
| Feb 8, 2016 | To Self | 1500.00 | 4100.00 | |
| Apr 6, 2016 | By Cheque | 2100.00 | 2000.00 | |
| May 4, 2016 | By Cash | 6500.00 | 8500.00 | |
| May 27, 2016 | By Cheque | 1500.00 | 10000.00 |
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| 09.08.1999 11.08.1999 05.10.1999 10.10.1999 27.11.1999 29.11.1999 |
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| 2.1.10 | By cash | 250.00 | |
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| January 1 | - | 24,000·00 | 24,000·00 |
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