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Question
Sharukh opened a recurring deposit account in a bank and deposited Rs 800 per month for `1 1/2` years. If he recieved Rs 15,084 at the time of maturity, find the rate of interest per annum.
Solution
Monthly deposit (P) = Rs 800
`"n" = 3/2 xx 12` months = 18 months
Maturity value (M.V) = Rs 15084
Now, M.V = P x N + P x `("n"("n" + 1))/(2 xx 12) xx "r"/100`
⇒ 15084 = 800 x 18 + 800 x `(18 xx 19)/24 xx "r"/100`
⇒ 15084 = 14400 + 114r
⇒ 114r = 684
⇒ r = `684/114` = 6%
Thus, the rate of interest per anum is 6%.
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