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Question
Shilpa has a 4 year recurring deposit account in Bank of Maharashtra and deposits Rs 800 per month. If she gets Rs48200 at the time of maturity, find
(i) the rate of simple interest,
(ii) the total interest earned by Shilpa
Solution
Deposit per month(P) = Rs800
Amount of maturity = Rs48200
Period(n) = 4years = 48months
Let rate of interest be R%p.a.
Total principal for one month
= `("P"("n")("n" + 1))/(2)`
= `(800 xx 48 xx (48 + 1))/(2)`
= `₹(800 xx 48 xx 49)/(2)`
= ₹940800
Total deposit
= ₹800 x 48
= ₹38400
and amount of maturity
= ₹48200
∴ Interest earned
= ₹48200 - ₹38400
= ₹9800
(i) ∴ Rate of interest
= `("S.I" xx 100)/("P" xx "T")`
= `(9800 xx 100 xx 12)/(940800)`
= 12.5%
(ii) Total interest earned by Shilpa
= ₹9800.
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