Advertisements
Advertisements
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%
Advertisements
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%
RELATED QUESTIONS
Mr Choudhury opened a Saving Bank Account at State Bank of India on 1st April 2007. The entries of one year as shown in his passbook are given below.
| Date | Particulars | Withdrawals (in Rs.) | Deposits (in Rs.) | Balance (in Rs.) |
| Ist April 2007 | By Cash | - | 8550.00 | 8550.00 |
| 12th- April 2007 | To Self | 1200.00 | -- | 7350.00 |
| 24th April 2007 | By Cash | - | 4550.00 | 11900.00 |
| 8th July 2007 | By Cheque | - | 1500.00 | 13400.00 |
| 10th Sept. 2007 | By Cheque | - | 3500.00 | 16900.00 |
| 17th Sept. 2007 | By Cheque | 2500.00 | - | 14400.00 |
| 11th Oct. 2007 | By Cash | - | 800.00 | 15200.00 |
| 6th Jan. 2008 | To Self | 2000.00 | - | 13200.00 |
| 9th March 2008 | By Cheque | - | 950.00 | 14150.00 |
If the bank pays interest at the rate of 5% per annum, find the interest paid on 1st April 2008. Give your answer correct to the nearest rupee.
A page from the savings bank account of Mr. Prateek if given below.
| Date | Particulars | Withdrawals (In Rs) | Deposits (In Rs) | Balance (In Rs) |
| January 1st 2006 | B/F | - | - | 1,270 |
| January 7th 2006 | By Cheque | - | 2,310 | 3,580 |
| March 9th 2006 | To self | 2,000 | - | 1,580 |
| March 26th 2006 | By cash | - | 6,200 | 7,780 |
| June 10th 2006 | To Cheque | 4,500 | - | 3,280 |
| July 15th 2006 | By clearing | - | 2,630 | 5,910 |
| October 18th 2006 | To Cheque | 530 | - | 5,380 |
| October 27th 2006 | To self | 2,690 | - | 2,690 |
| November 3rd 2006 | By cash | - | 1,500 | 4,190 |
| December 6th 2006 | To cheque | 950 | - | 3,240 |
| December 23rd 2006 | By Transfer | - | 2,920 | 6,160 |
If h receives Rs. 198 as interest on 1st January, 2007, Find the rate of interest paid by the bank.
What should be minimum monthly deposit in a recurring deposit for 3 years to get Rs 20,220 on maturity after 3 years at an interest rate of 8% pa.
Zafarullah has a recurring deposit The list price of the television be? 12,500. account in a bank for 3½ years at 9.5% S.I. p.a. If he gets Rs. 78,638 at the time of maturity. Find the monthly instalment.
Veena deposits Rs. 100 per month in a bank cumulative time deposit scheme for a period of 5 years. What amount does she get on maturity if the rate of interest is 16%?
Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value.
John deposited Rs 400 every month in a bank’s recurring deposit account for `2(1)/(2)` years. If he gets Rs 1085 as interest at the time of maturity, then the rate of interest per annum is
Shilpa has a 4 year recurring deposit account in Bank of Maharashtra and deposits Rs 800 per month. If she gets Rs 48200 at the time of maturity, find
- the rate of simple interest.
- the total interest earned by Shilpa.
Mr. Chaturvedi has a recurring deposit account in Grindlay’s Bank for `4(1)/(2)` years at 11% p.a. (simple interest). If he gets Rs 101418.75 at the time of maturity, find the monthly installment.
A certain money is deposited in a recurring deposit account for 15 months. If the interest earned for this deposit is one-fifth of the monthly instalment; the rate of interest is ______.
