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Question
Ahmed has a recurring deposit account in a bank. He deposits Rs. 2,500 per month for 2 years. If he gets Rs. 66,250 at the time of maturity, find
1) The interest paid by the bank
2) The rate of interest
Solution
1) P = Rs. 2500, n = 2 years = (2 × 12) months= 24 months
Total Principal = Rs. 2,500 × 24 = Rs. 60,000, Amount = Rs. 66,250
Interest = Amount – Principal = Rs. 66,250 – Rs. 60,000 = Rs. 6,250
Thus, the interest paid by the bank is Rs. 6,250.
2) Let r be the rate of interest.
N = `(n(n+1))/(2xx12) = (24 xx 25)/(2xx12)` = 25 year
This is equivalent to depositing Rs. 2,500 for 25 yrs.
Interest = `(PxxNxxR)/100 => 6250 = (2500 xx 25 xx R)/100 => R = 10`
Thus, the rate of interest is 10%.
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