Advertisements
Advertisements
प्रश्न
Rajiv Bhardwaj has a recurring deposit account in a bank of Rs 600 per month. If the bank pays simple interest of 7% p.a. and he gets Rs 15450 as maturity amount, find the total time for which the account was held.
उत्तर
Deposit during the month (P) = Rs 600
Rate of interest = 7% p.a.
Amount of maturity = Rs 15450
Let time = n months
∴ Total principal
= `("P"("n")("n" + 1))/(2)`
= `(600 xx "n"("n" + 1))/(2)`
= `(600("n"^2 + "n"))/(2)`
= 300(n2 + n)
∴ Interest
= `"PRT"/(100)`
= `(300("n"^2 + "n") xx 7 xx 1)/(100 xx 12)`
= `(7)/(4)("n"^2 + "n")`
∴ `600"n" + (7)/(4)("n"^2 + "n")` = 15450
⇒ 2400n + 7n2 + 7n = 61800
⇒ 7n2 + 2407n - 61800 = 0
⇒ 7n2 - 168n + 2575n - 61800 = 0
⇒ 7n(n - 24) + 2575(n - 24) = 0
⇒ (n - 24) (7n + 2575) = 0
Either n - 24 = 0, then n = 24
or
7n + 2575 = 0, then
7n = -2575
⇒ n = `(-2575)/(7)`
Which is not possible being negative.
∴ n = 24
∴ Period = 24 months or 2 years.
APPEARS IN
संबंधित प्रश्न
A savings bank account was opened by Mrs. Roy on 3.7.12 and closed on 31.01.13. The entries in the passbook of Mrs. Roy were as given below:
| Date | Particulars | Debit (In Rs) | Credit (In Rs) | Balance (In Rs) |
| 3.7.12 | By cash | 690.00 | ||
| 15.7.12 | By cash | 1,153.00 | ||
| 27.8.12 | By Cheque | 2,468.00 | ||
| 30.8.12 | To cash | 946.00 | ||
| 12.9.12 | To Cheque | 1,000.00 | ||
| 20.11.12 | By Cheque | 3,000.00 | ||
| 26.11.12 | By cash | 750.00 | ||
| 28.11.12 | To Cash | 1,570.00 |
(i) By finding the balance on different dates of entries calculate the interest earned by Mrs. Roy, For the period she had this savings bank account, at the rate of 6% p.a.
(ii) Also, calculate the interest when the principal for every month is taken as the nearest multiple of 10.
A man holds a savings bank account in the union bank of India. A page of his passbook shows the following entries:
| Date | Particulars | Withdrawals (Rs) | Deposits (Rs) | Balance (Rs) |
| May 1 | B/F | 3,200.00 | ||
| May 6 | By Cheque | 500.00 | 3,700.00 | |
| May 17 | By Cheque | 800.00 | 4,500.00 | |
| June 4 | By Cash | 1,300.00 | 5,800.00 | |
| June 9 | To Cheque | 1,650.00 | 4,150.00 |
Calculate the rate of interest per annum if the total interest earned for the months of May and June is Rs. 39.25`
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 |
Mr. Pradip deposited Rs 2,400 pm in bank for One year 6 months under the recurring deposit scheme. If the maturity value of his deposit is Rs 47,304 find the rate of interest per annum.
Given below are the entries in a Savings Bank A/c passbook:
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| Feb 8 | B/F | - | - | ₹ 8,500 |
| Feb 18 | To self | ₹ 4,000 | - | - |
| April 12 | By cash | - | ₹ 2,230 | - |
| June 15 | To self | ₹ 5,000 | - | - |
| July 8 | By cash | - | ₹ 6,000 | - |
Calculate the interest for six months from February to July at 6 % p.a.
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.
If Sharukh opened a recurring deposit account in a bank and deposited Rs 800 per month for years, then the total money deposited in the account is
Mr. Sharma deposited Rs 500 every month in a cumulative deposit account for 2 years. If the bank pays interest at the rate of 7% per annum, then the amount he gets on maturity is
Mr. Chaturvedi has a recurring deposit account in Grindlay’s Bank for `4(1)/(2)` years at 11% p.a. (simple interest). If he gets Rs 101418.75 at the time of maturity, find the monthly installment.
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.
