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Question
Ritu has a Recurring Deposit Account in a bank and deposits Rs. 80 per month for 18 months. Find the rate of interest paid by the bank if the maturity value of the account is Rs. 1,554.
Solution
Installment per month (P) = Rs. 80
Number of months (n) = 18
Let rate of interest (r) = r% p.a
∴ `S.I. = P xx (n(n + 1))/(2 xx 12) xx r/100`
= `80 xx (18(18 + 1))/(2 xx 12) xx r/100`
= `80 xx 342/24 xx r/100`
= Rs. (11.4)r
Maturity value = Rs. (80 × 18) + Rs. (11.4r)
Given maturity value = Rs. 1,554
Then Rs. (80 × 18 ) + Rs. (11.4r) = Rs. 1,554
`\implies` 11.4r = Rs. 1,554 – Rs. 1,440
`\implies` r = `114/11.4` = 10%
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