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Question
In a recurring deposit account, John deposits ₹ 500 per month for 24 months. If the interest he earns is one-tenth of his total deposit, the rate of interest is ______.
Options
4.8%
9.6%
7.2%
3.2%
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Solution
In a recurring deposit account, John deposits ₹ 500 per month for 24 months. If the interest he earns is one-tenth of his total deposit, the rate of interest is 9.6%.
Explanation:
P = ₹ 500,
n = 24 months,
Given I = `1/10 (500 xx 24)`
= ₹ 1200
We know that
`I = P xx (n(n + 1))/(2 xx 12) xx R/100`
`\implies 1200 = 500 xx (24 xx 25)/(2 xx 12) xx R/100`
`\implies` R = `1200 xx (2 xx 12)/(24 xx 25) xx 100/500`
∴ R = 9.6%
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