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Question
A certain money is deposited in a recurring deposit account for 15 months. If the interest earned for this deposit is one-fifth of the monthly instalment; the rate of interest is ______.
Options
6%
2%
10%
4%
Solution
A certain money is deposited in a recurring deposit account for 15 months. If the interest earned for this deposit is one-fifth of the monthly instalment; the rate of interest is 2%.
Explanation:
P = ₹ x,
n = 15 months,
I = `1/5 xx x`
∴ `I = P xx (n(n + 1))/(2 xx 12) xx R/100`
`\implies x/5 = x xx (15 xx 16)/(2 xx 12) xx R/100`
`\implies` R = `x/5 xx (2 xx 12)/(15 xx 16) xx 100/x`
∴ R = 2%
RELATED QUESTIONS
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.
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 |
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