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Question
In a recurring deposit account, Mohit deposited ₹ 5,000 per month for one year and at maturity gets ₹ 67,500; the total interest earned is ______.
Options
₹ 60,000
₹ 67,500
₹ 52,500
₹ 7,500
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Solution
In a recurring deposit account, Mohit deposited ₹ 5,000 per month for one year and at maturity gets ₹ 67,500; the total interest earned is ₹ 7,500.
Explanation:
P = ₹ 5000,
n = 1 year = 12 months,
M.V = ₹ 67500
Since, Maturity Value = Total Sum Deposited + Interest
67500 = (₹ 5000 × 12) + Interest
Interest = 67500 – 60000
= ₹ 7500
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