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Question
Mrs. Asha Mehta deposit Rs 250 per month for one year in a bank’s recurring deposit account. If the rate of (simple) interest is 8% per annum, then the interest earned by her on this account is
Options
Rs65
Rs120
Rs130
Rs260
Solution
Deposit per month (P) = Rs 250
Period (n) = 1 year = 12 months
Rate (r) = 8% p.a.
∴ Interest
= `("P" xx "n" xx ("n" + 1))/(2 xx 12) xx "r"/(100)`
= `(250 xx 12 + 13)/(2 xx 12)`
= ₹130.
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