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Question
Manish opened an R.D. account in a bank and deposited ₹ 1,000 per month at the interest of 10% per annum and for 2 years. The total money deposited by him is ______.
Options
₹ 12,000
₹ 24,000
₹ 2,400
₹ 4,000
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Solution
Manish opened an R.D. account in a bank and deposited ₹ 1,000 per month at the interest of 10% per annum and for 2 years. The total money deposited by him is ₹ 24,000.
Explanation:
Here,
P = ₹ 1000,
n = 2 years = 24 months,
R = 10%
∴ Total money deposited by Manish
= P × n
= ₹ 1000 × 24
= ₹ 24000
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