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Questions
Mr. Gupta opened a recurring deposit account in a bank. He deposited Rs. 2,500 per month for two years. At the time of maturity he got Rs. 67,500. Find:
- the total interest earned by Mr. Gupta.
- the rate of interest per annum.
Mr. Gupta opened a recurring deposit account in a bank. He deposited Rs. 2,500 per month for two years. At the time of maturity he got Rs. 67,500. Find:
- the total interest earned by Mr. Gupta.
- the rate of interest per annum.
- how much more interest will Mr. Gupta get, if he deposits Rs. 100 more per month at the same rate and for the same time?
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Solution
Deposit per month = Rs. 2,500
Period = 2 years = 24 months
Maturity value = Rs. 67,500
i. Total principal for 1 month
= `(P xx n(n + 1))/(2)`
= ₹ `(2500 xx 24 xx 25)/(2)`
= ₹ 7,50,000
∴ Interest
= ₹ 67,500 – 24 × 2,500
= ₹ 67,500 – 60,000
= ₹ 7,500
ii. Period = 1 month
= `1/12` year
∴ Rate of interest
= `(S.I. xx 100)/(P xx T)`
= `(7500 xx 100 xx 12)/(750000 xx 1)`
= 12%
iii. Interest if Mr. Gupta deposits ₹ 100 more per month:
New monthly deposit: ₹ 2,500 + ₹ 100 = ₹ 2,600
Since the rate (12%) and period (2 years) remain the same, interest is directly proportional to the monthly deposit.
New Interest = `₹ 7,500 xx ((₹ 2,600)/(₹ 2,500))`
= ₹ 7,800
The additional interest is = ₹ 7,800 − ₹ 7,500
= ₹ 300
Notes
Students should refer to the solution according to their question.
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