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Question
Sharukh opened a recurring deposit account in a bank and deposited Rs 800 per month for `1 1/2` years. If he recieved Rs 15,084 at the time of maturity, find the rate of interest per annum.
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Solution
Monthly deposit (P) = Rs 800
`"n" = 3/2 xx 12` months = 18 months
Maturity value (M.V) = Rs 15084
Now, M.V = P x N + P x `("n"("n" + 1))/(2 xx 12) xx "r"/100`
⇒ 15084 = 800 x 18 + 800 x `(18 xx 19)/24 xx "r"/100`
⇒ 15084 = 14400 + 114r
⇒ 114r = 684
⇒ r = `684/114` = 6%
Thus, the rate of interest per anum is 6%.
RELATED QUESTIONS
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| Feb8 | B/F | - | - | Rs. 8500 |
| Feb 18 | To self | Rs. 4000 | - | |
| April 12 | By cash | - | Rs. 2230 | |
| June 15 | To self | Rs. 5000 | - | |
| July 8 | By cash | - | Rs. 6000 |
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Mrs Kapoor opened a Savings Bank Account in State Bank of India on 9th January 2008. Her pass book entries for the year 2008 are given below:
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| Jan 9, 2008 | By Cash | - | 10000 | 10000 |
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| April 6, 2008 | To Cheque | 3500 | - | 22000 |
| April 30, 2008 | To Self | 2000 | - | 20000 |
| July 16, 2008 | By Cheque | - | 6500 | 26500 |
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| August 20, 2008 | To Cheque | 1200 | - | 19800 |
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| April 1 | By Balance | 4,600.00 | ||
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| 2006 | ||||
| Jan 1 | Balance B/F | 7,500.00 | ||
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