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Question
Shilpa has a 4 year recurring deposit account in Bank of Maharashtra and deposits Rs 800 per month. If she gets Rs 48200 at the time of maturity, find
- the rate of simple interest.
- the total interest earned by Shilpa.
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Solution
Deposit per month (P) = Rs 800
Amount of maturity = Rs 48200
Period (n) = 4 years = 48 months
Let rate of interest be R% p.a.
Total principal for one month
= `(P(n)(n + 1))/(2)`
= `(800 xx 48 xx (48 + 1))/(2)`
= `₹(800 xx 48 xx 49)/(2)`
= ₹ 940800
Total deposit:
= ₹ 800 × 48
= ₹ 38400
and amount of maturity
= ₹ 48200
∴ Interest earned
= ₹ 48200 − ₹ 38400
= ₹ 9800
(i) Rate of interest
= `("S.I" xx 100)/("P" xx "T")`
= `(9800 xx 100 xx 12)/(940800)`
= 12.5%
(ii) Total interest earned by Shilpa
= ₹ 9800
RELATED QUESTIONS
Mr Choudhury opened a Saving Bank Account at State Bank of India on 1st April 2007. The entries of one year as shown in his passbook are given below.
| Date | Particulars | Withdrawals (in Rs.) | Deposits (in Rs.) | Balance (in Rs.) |
| Ist April 2007 | By Cash | - | 8550.00 | 8550.00 |
| 12th- April 2007 | To Self | 1200.00 | -- | 7350.00 |
| 24th April 2007 | By Cash | - | 4550.00 | 11900.00 |
| 8th July 2007 | By Cheque | - | 1500.00 | 13400.00 |
| 10th Sept. 2007 | By Cheque | - | 3500.00 | 16900.00 |
| 17th Sept. 2007 | By Cheque | 2500.00 | - | 14400.00 |
| 11th Oct. 2007 | By Cash | - | 800.00 | 15200.00 |
| 6th Jan. 2008 | To Self | 2000.00 | - | 13200.00 |
| 9th March 2008 | By Cheque | - | 950.00 | 14150.00 |
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