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Question
Mohit opened a Recurring deposit account in a bank for 2 years. He deposits ₹ 1000 every month and receives ₹ 25500 on maturity. The interest he earned in 2 years is ______.
Options
₹ 13500
₹ 3000
₹ 24000
₹ 1500
MCQ
Fill in the Blanks
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Solution
Mohit opened a Recurring deposit account in a bank for 2 years. He deposits ₹ 1000 every month and receives ₹ 25500 on maturity. The interest he earned in 2 years is ₹ 1500.
Explanation:
Total deposited = ₹ 1000 × 24 months
= ₹ 24,000
Interest = Maturity – Total deposited
= ₹ 25,500 – ₹ 24,000
= ₹ 1,500
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