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Question
Shahrukh opened a ‘Recurring Deposit’ account in a bank and deposited Rs. 800 per month for 1½ years. If he received Rs. 15,084 at the time of maturity, find the rate of interest per annum.
Solution
Shahrukh deposited Rs. 800 per month for n = `1 1/2 ` years =18 months
∴ Total money deposited 18 x Rs. 800 Rs. 14400
Given that the maturity value = Rs 15084
Intrest paid by the banl
= Maturity Value - Total sum deposited
= 15084 - 14400
= Rs 684
Now
`I = P xx (n(n+1))/(2 xx12) xx r/100`
`=> 684 = 800 xx (18(18 + 1))/(2xx12) xx r/100`
`=> (684 xx 2 xx 12 xx 100)/(800 xx 18 xx 19) = r`
=> r = 6%
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