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Question
John deposited Rs 400 every month in a bank’s recurring deposit account for `2(1)/(2)` years. If he gets Rs 1085 as interest at the time of maturity, then the rate of interest per annum is
Options
6%
7%
8%
9%
Solution
Deposit(P) = Rs400 per month
Period(n) = `2(1)/(2)` years = 3 months
Interest = Rs1085
Let r% be the rate of interest
∴ Interest
= `("P" xx "n" xx ("n" + 1))/(2 xx 12) xx "r"/(100)`
1085 = `₹(400 xx 30 xx 31 xx "r")/(2 xx 12 xx 100)`
1085 = 155r
⇒ r = `(1085)/(155)` = 7
∴ Rate 7% p.a.
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