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Question
Mr. Patel deposit Rs 2,250 per month in a recurring deposit account for a period of 3 years. At the time of maturity, he gets Rs 90,990.
(a) Find the rate of simple interest per annum.
(b) Find the total interest earned by Mr. Patel.
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Solution
Given that Recurring deposit per month =Rs 2,250, Period= 3 years = 36
Months, R=R0/o, Maturity value =Rs 90,990
Money deposited= Monthly value x No of Months
=2,250 x 36= Rs 81,000
⇒ Interest that gets for this period =Maturity Value - Amount deposited = 90,990 - 81,000
=Rs 9,990
Total Principal for 1 Month = Rs `(2250 xx (36)(36 + 1))/2` = Rs 1498500
9990 = `("R" xx 1498500)/(12 xx 100)`
⇒ R = `(9990 xx 12 xx 100)/1498500`
R = 8 %
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