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Question
Naseem has a 5 years Recurring Deposit account in Punjab National Bank and deposit? Rs. 240 per month. If she receives Rs. 17,694 at the time of maturity find the rate of interest.
Solution
Here if r% be the rate of interest.
Maturity value
= ₹(240 x 60) + ₹`(240 xx (60 xx 61)/(2 xx 12) xx r/100)`
17,694 = 14,400 + 366r
366r = 3,294
r = 9%
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