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Question
Mr. Menon deposit Rs 1,200 per month in a cumulative deposit account for a period of 5 years. After the end of the period, he will receive Rs 88,470. (a) Find the rate of the interest per annum. (b) Find the total interest that Mr. Menon will earn.
Solution
Given that Recurring deposit per month =Rs 1,200, Period= 5 years = 60
Months, R=R0/o, Maturity value =Rs 88,470 Money deposited= Monthly value x No ofMonths=1,200 x 60= Rs 72,000
⇒ Interest that gets for this period =Maturity Value - Amount deposited
= Rs (88,470 - 72,000)
=Rs 16,470
Total Principal for 1 Month = Rs `(1200 xx (60)(60 + 1))/2` = Rs 2196000
Rs 16470 = `("R" xx 2196000)/(12 xx 100)`
⇒ R = `(16470 xx 12 xx 100)/2196000`
R = 9 %
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