Question

Manish opened an R.D. account in a bank and deposited ₹ 1,000 per month at the interest of 10% per annum and for 2 years. The total money deposited by him is ______.

Options

• ₹ 12,000

• ₹ 24,000

• ₹ 2,400

• ₹ 4,000

Answer 1

Manish opened an R.D. account in a bank and deposited ₹ 1,000 per month at the interest of 10% per annum and for 2 years. The total money deposited by him is ₹ 24,000.

Explanation:

Here,

P = ₹ 1000,

n = 2 years = 24 months,

R = 10%

∴ Total money deposited by Manish

= P × n

= ₹ 1000 × 24

= ₹ 24000