Advertisements
Advertisements
Question
Naseem has a 5 years Recurring Deposit account in Punjab National Bank and deposit? Rs. 240 per month. If she receives Rs. 17,694 at the time of maturity find the rate of interest.
Advertisements
Solution
Here if r% be the rate of interest.
Maturity value
= ₹(240 x 60) + ₹`(240 xx (60 xx 61)/(2 xx 12) xx r/100)`
17,694 = 14,400 + 366r
366r = 3,294
r = 9%
RELATED QUESTIONS
Kiran deposited Rs. 200 per month for 36 months in a bank’s recurring deposit account. If the bank pays interest at the rate of 11% per annum, find the amount she gets on maturity.
Mr. Verma opened a savings bank account with the state bank of India on 5th April 2007 with Rs. 8,500. For the financial year 2007-2008, the other transactions with the bank are given below:
(i) 15-05.2007; deposited Rs. 3,700
(ii) 27-07-2007; withdrew Rs. 2,400
(iii) 06-09-2007; withdrew Rs. 1,600
(iv) 18-12-2007; deposited Rs. 4,500
(v) 29-01-2008; Deposited Rs. 1,900
(vi) 23-03-2008; account closed.
Taking the rate of interest as 6% per annum, find the amount that Mr. Verma gets on closing the account.
Given below is a page from the passbook of the savings bank account of Mr. Rajesh. Complete the entries in the passbook and calculate the interest paid to him by the bank at 6°/o pa in the end of June.
| Date | Particulars | Withdrawals | Deposits | Balance |
| 08.02.2008 | By Cash | 12000.00 | ||
| 15.03.2008 | To cash | 3000.00 | ||
| 08.04.2008 | To Cheque | 2500.00 | ||
| 18.04.2008 | By Cash | 16000.00 | ||
| 10.06.2008 | By Cash | 800.00 |
Given below is a page from the passbook of a saving bank account of Dolly Majumdar. Complete the entries in the passbook and find the interest earned by the account holder in the month of November if the rate of simple interest is 5°/o pa.
| Date | Particular | Withdrawals | Deposits | Balance |
| 01.04.2007 | By B/F | 16500.00 | ||
| 15.04.2007 | By Cash | 2500.00 | ||
| 09.06.2007 | To Cheque | 6500.00 | ||
| 04.07.2007 | By Cash | 9000.00 | ||
| 12.07.2007 | To Cash | 3500.00 | ||
| 05.09.2007 | To Cash | 4000.00 | ||
| 10.11.2007 | By Cheque | 12000.00 |
The following are the entries in the passbook of a saving account of Ananya during the year 2007. If interest is calculated at 5 % pa, find the interest earned by Ananya during the year
| Date | Particulars | Withdrawals | Deposits | Balance |
| 01.01.2007 | By B/F | 6500.00 | ||
| 05.02.2007 | By Cheque | 7500.00 | 14000.00 | |
| 09.02.2007 | To Cash | 1500.00 | 12500.00 | |
| 06.06.2007 | By Cash | 1725.00 | 14225.00 | |
| 08.09.2007 | By Cheque | 375.00 | 14600.00 | |
| 06.11.2007 | By Cash | 6000.00 | 20600.00 | |
| 10.12.2007 | To Cheque | 2500.00 | 18100.00 |
Mrs Khandelkar invests Rs 900 every month in a recurring deposit account for a period of 3 years at a simple interest rate of 8% pa
(a) Find the total interest she will earn at the end of the period.
(b) Find the maturity value of her deposits.
Mr. Ashok has an account in the Central Bank of India. The following entries are from his passbook:
| Date | Particulars | Withdrawals (₹) |
Deposits (₹) |
Balance (₹) |
| 01-01-05 | B/F | - | - | 1,200·00 |
| 07-01-05 | By cash | 500·00 | 1,700·00 | |
| 17-01-05 | To cheque | 400·00 | - | 1,300·00 |
| 10-02-05 | By cash | - | 800·00 | 2,100·00 |
| 25-09-05 | By cheque | 500·00 | - | 1,600·00 |
| 20-09-05 | By cash | - | 700·00 | 2,300·00 |
| 21-11-05 | To cheque | 600·00 | - | 1,700·00 |
| 05-12-05 | By cash | - | 300·00 | 2,000·00 |
If Mr. Ashok gets Rs. 83.75 as interest at the end of the year where the interest is compounded annually, calculate the rate of interest paid by the bank in his Savings Bank Account on 31st December 2005.
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?
Salman deposits ₹ 1000 every month in a recurring deposit account for 2 years. If he receives ₹ 26000 on maturity, find:
- the total interest Salman earns.
- the rate of interest.
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.
