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Question
Haneef has a cumulative bank account and deposits Rs. 600 per month for a period of 4 years. If he gets Rs. 5880 as interest at the time of maturity, find the rate of interest.
Solution
Interest = Rs. 58800
Monthly deposit (P) = Rs. 600
Period(n) = 4years or 48months
∴ Deposit for 1month
= `("P"("n")("n" +1))/(2)`
= `(600 xx 48 xx 49)/(2)`
= Rs.705600
Let, rate of interest = r % p.a.
Interest
= `"Prt"/(100)`
⇒ 5880 = `(705600 xx "r" xx 1)/(100 xx 12)`
5880 = 588r
∴ r = `(5880)/(588)` = 10
∴ Rate of interest = 10%p.a.
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