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Question
Ritu has a Recurring Deposit Account in a bank and deposits Rs. 80 per month for 18 months. Find the rate of interest paid by the bank if the maturity value of the account is Rs. 1,554.
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Solution
MV = P × n + Interest
Given:
-
P = 80
-
n = 18
-
MV = 1554
Total deposit = P × n = 80 × 18 = 1440
Interest = MV − Total deposit = 1554 − 1440 = 114
`114 = (80xx18xx19xxR)/(2xx12xx100)`
`114 = (27360 xx R)/2400`
114 × 2400 = 27360 × R ⇒ 273600 = 27360 × R
`R = 273600/27360 = 10`
10%
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