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Question
Mr. Gupta opened a recurring deposit account in a bank. He deposited Rs. 2,500 per month for two years. At the time of maturity he got Rs. 67,500. Find:
- the total interest earned by Mr. Gupta.
- the rate of interest per annum.
Solution
Deposit per month = Rs. 2,500
Period = 2 years = 24 months
Maturity value = Rs. 67,500
i. Total principal for 1 month
= `(P xx n(n + 1))/(2)`
= ₹ `(2500 xx 24 xx 25)/(2)`
= ₹ 7,50,000
∴ Interest
= ₹ 67,500 – 24 × 2,500
= ₹ 67,500 – 60,000
= ₹ 7,500
ii. Period = 1 month
= `1/12` year
∴ Rate of interest
= `(S.I. xx 100)/(P xx T)`
= `(7500 xx 100 xx 12)/(750000 xx 1)`
= 12%
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