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Question
Mr. Sameer has a recurring deposit account and deposits ₹ 600 per month for 2 years. If he gets ₹ 15600 at the time of maturity, find the rate of interest earned by him.
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Solution
Qualifying Sum = `(600 xx 24 xx 25)/2` = 1,80,000
Interest = `(600 xx 24 xx 25)/2 xx r/100 xx 1/12` = 150r
Maturity Value = ₹ 15600
600 × 24 + 150r = ₹ 15600
150r = ₹ 15600 – ₹ 14400
`\implies` r = `1200/150` = 8%
RELATED QUESTIONS
Katrina opened a recurring deposit account with a Nationalised Bank for a period of 2 years. If the bank pays interest at the rate 6% per annum and the monthly instalment is Rs. 1,000, find the:
- Interest earned in 2 years.
- Matured value.
Rishabh has the recurring deposit account in a post office for 3 years at 8% p.a. simple interest. If he gets Rs 9,990 as interest at the time of maturity, find:
1) The monthly instalment.
2) The amount of maturity.
A page from the passbook of Asha is given below:
| Date | Particulars | Amount Withdrawn (Dr) Rs P | Amount Deposits (Cr) Rs. P | Balance Rs. P |
| Jan 5 March 7 April 2 April 10 Oct , 6 Dec, 8 |
Balance B/F To Cheque By Cheque By Cheque By Cheque By Cash |
1,200.00
950.00 |
2,300.00
1,700.00
|
3,750.00
|
Complete the passbook and then calculate the interest for the period January to December 5% per annum.
Mrs. Swami had a savings bank account with the state bank of India, from `13^"th"` Feb 09 to 6th August 09. The following table shows the entries in her passbook for the above said periods. Calculate the interest earned by Mrs. Swami on her S.B. Account up to `31^"st"` July 09 at the rate of 5% per annum.
| Date | Particulars | Amount Withdrawn (Dr) Rs P | Amount Deposits (Cr) Rs. P | Balance Rs. P |
| Feb 13 | By Cash | 500.00 | 500.00 | |
| March 3 | By cheque | 735.00 | 1,235.00 | |
| March 14 | By cheque | 1,040.00 | 2,275.00 | |
| May 10 | To cheque | 240.00 | 2.035.00 | |
| May 22 | To cash | 430.00 | 1,605.00 | |
| June 19 | By cash | 780.00 | 2,385.00 | |
| July 26 | To cash | 980.00 | 1,405.00 |
Mr. Punjwanis saving account passbook had the following entries, The bank pays interest at 4.5°/o on all SB accounts. Find the amount received by Mr. Punjwani when he closed the acoount on 2S'h July 08.
| Date | Particulars | Withdrawls | Deposits | Balance |
| 05.01.2008 | By B/F | 24650.00 | ||
| 09.01.2008 | By cash | 14390.00 | 39040.00 | |
| 15.02.2008 | To Cheque | 7600.00 | 31440.00 | |
| 21.02.2008 | By Cheque | 8350.00 | 39790.00 | |
| 07.03.2008 | To Cash | 4000.00 | 35790.00 | |
| 31.03.2008 | By Interest | |||
| 08.04.2008 | By Cheque | 13670.00 | ||
| 12.04.2008 | To Cash | 6000.00 | ||
| 01.05.200 | By Cheque | 17350.00 | ||
| 16.06.2008 | By Cash | 9000.00 | ||
| 27.06.2008 | To Cash | 4370.00 | ||
| 04.07.2008 | By Cheque | 21320.00 | ||
| 11.07.2008 | To Cheque | 9460.00 | c |
Akash, an employee of a bank, has a saving bank account in his bank that pays him
interest at the rate of 5% p.a., which is compounded every June and December. His passbook entries are as follow:
| Date | Particulars | Withdrawals(₹) | Deposits(₹) | Balance(₹) |
| Feb. 3, 1981 | By cash | - | 500·00 | 500·00 |
| Feb, 11 | To cheque no. 371 | 200·00 | - | 300·00 |
| Feb. 11 | By cheque | - | 700·00 | 1,000·00 |
| March 1 | By salary | - | 2,350·00 | 3,350·00 |
| March 4 | To withdrawals slip | 1,500·00 | - | 1,850·00 |
| March 31 | To Urnil | 150·00 | - | 1,700·00 |
| April 1 | By salary | - | 2.350·00 | 4,050·00 |
| April 2 | To Sri Ram | 1,800·00 | - | 2,250·00 |
| May 1 | By salary | - | 2,350·00 | 4,600·00 |
| May 3 | To accountant | 2,000·00 | - | 2,600·00 |
Calculate the interest due at the end of June and find the balance on July 1, if he deposits a cash of? 100 on July 1, which is also entered immediately.
A page from the Savings Bank Account of Mr. Prateek is given below:
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| January 1st, 2006 | B/F | - | - | 1,270 |
| January 7th, 2006 | By Cheque | - | 2,310 | 3,580 |
| March 9th, 2006 | To Self | 2,000 | - | 1,580 |
| March 26th, 2006 | By Cash | - | 6,200 | 7,780 |
| June 10th, 2006 | To Cheque | 4,500 | - | 3,280 |
| July 15th, 2006 | By Clearing | - | 2,630 | 5,910 |
| October 18th, 2006 | To Cheque | 530 | - | 5,380 |
| October 27th, 2006 | To Self | 2,690 | - | 2,690 |
| November 3rd, 2006 | By Cash | - | 1,500 | 4,190 |
| December 6th, 2006 | To Cheque | 950 | - | 3,240 |
| December 23rd, 2006 | By Transfer | - | 2,920 | 6,160 |
If he receives ₹198 as interest on 1st January 2007, find the rate of interest paid by the bank.
Salom deposited Rs 150 per month in a bank for 8 months under the Recurring Deposit Scheme. ‘What will be the maturity value of his deposit if the rate of interest is 8% per annum?
Mr. R.K. Nair gets Rs 6,455 at the end of one year at the rate of 14% per annum in a recurring deposit account. Find the monthly installment.
Ankita started paying Rs 400 per month in a 3 years recurring deposit. After six months her brother Anshul started paying Rs 500 per month in a `2(1)/(2)` years recurring deposit. The bank paid 10% p.a. simple interest for both. At maturity who will get more money and by how much?
