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Question
Mr. Menon deposit Rs 1,200 per month in a cumulative deposit account for a period of 5 years. After the end of the period, he will receive Rs 88,470. (a) Find the rate of the interest per annum. (b) Find the total interest that Mr. Menon will earn.
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Solution
Given that Recurring deposit per month =Rs 1,200, Period= 5 years = 60
Months, R=R0/o, Maturity value =Rs 88,470 Money deposited= Monthly value x No ofMonths=1,200 x 60= Rs 72,000
⇒ Interest that gets for this period =Maturity Value - Amount deposited
= Rs (88,470 - 72,000)
=Rs 16,470
Total Principal for 1 Month = Rs `(1200 xx (60)(60 + 1))/2` = Rs 2196000
Rs 16470 = `("R" xx 2196000)/(12 xx 100)`
⇒ R = `(16470 xx 12 xx 100)/2196000`
R = 9 %
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