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Question
Mr. Pradip deposited Rs 2,400 pm in bank for One year 6 months under the recurring deposit scheme. If the maturity value of his deposit is Rs 47,304 find the rate of interest per annum.
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Solution
Given that Recurring deposit per month =Rs 2400, Period= 3 years = 18
Months, R=R % , Maturity value =Rs 47304
Money deposited= Monthly value x No of Months= 2400 x 18=Rs 43,200
⇒ Interest= Maturity Value - Amount deposited
=Rs (47,304- 43,200) =Rs 4,104
Total Principal for 1 Month = 2400 x (18)(18+1)/2= Rs 4,10,400
⇒ 4104 = 410400 x R /1200 ~ R= 12 %
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