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Question
Shahrukh opened a Recurring Deposit Account in a bank and deposited Rs. 800 per month for `1 1/2` years. If he received Rs. 15,084 at the time of maturity, find the rate of interest per annum.
Solution
Money deposited by Shahrukh per month (P) = Rs. 800
r = ?
No. of months (n) = `1(1)/(2)`
= `(3)/(2) xx 12`
= 18 months
∴ Interest = `P xx (n(n + 1))/(2 xx 12) xx r/(100)`
= `₹ 800 xx (18(18 + 1))/(2 xx 12) xx r/(100)`
= `₹ 800 xx (18 xx 19)/(2 xx 12) xx r/(100)`
= 114r
∴ Maturity amount = 114r + 800 × 18
⇒ ₹ 15084 = 114r + ₹ 14400
⇒ ₹ 15084 – ₹ 14400 = 114r
⇒ 684 = 114r
r = `(684)/(114)`
= 6%
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