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Question
Mr. Gupta opened a recurring deposit account in a bank. He deposited Rs. 2500 per month for two years. At the time of maturity he got Rs. 67,500. Find:
1) the total interest earned by Mr Gupta.
2) the rate of interest per annum.
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Solution
1) Monthly instalment = Rs. 2500
n = 24, Amount deposited = 2500 x 24 = Rs. 60000
Maturity value = Rs. 67500
Interest on his deposit = Rs. (67500 – 60000) = Rs. 7500
2) Now Interest = `("n"("n"+1))/2 xx ("Instalment" xx "Rate")/(100 xx 12)`
`7500 = (24 xx 25)/2 xx (2500 xx "Rate")/(100 xx 12)`
Rate = `(7500 xx 100 xx 24)/(24 xx 25 xx 2500)` = 12% p.a
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