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Question
Naveen deposits ₹ 800 every month in a recurring deposit account for 6 months. If he receives ₹ 4884 at the time of maturity, then the interest he earns is ______.
Options
₹ 84
₹ 42
₹ 24
₹ 284
Solution
Naveen deposits ₹ 800 every month in a recurring deposit account for 6 months. If he receives ₹ 4884 at the time of maturity, then the interest he earns is ₹ 84.
Explanation:
Maturity value = ₹ 4884
Deposited value = ₹ 800 × 6 = ₹ 4800
∴ Interest earns by him = ₹ 4884 – ₹ 4800
= ₹ 84
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