Ahmed has a recurring deposit account in a bank. He deposits Rs. $2, 500$ per month for $2$ years.If he gets Rs. $66, 250$ at the time of maturity. Find the rate of interest.

5 %

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10 %

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12.5 %

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15 %

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Solution

The correct option is D $10 %$
Given, maturity value $= 66, 250$ , monthly installment $= 2, 500$ , $n = 2$ years $= 2 \times 12 = 24$ months
Interest $= \frac{P n (n + 1) r}{2400}$
$= \frac{255 \times 24 \times 25 \times r}{2400}$
$= 625 r$
Therefore, amount $= (P n + 625 r)$
$\Rightarrow 66, 250 = (2500 \times 24 + 625 r)$
$\Rightarrow 66, 250 = 60, 000 + 625 r$
$\Rightarrow 6250 = 625 r$
$\Rightarrow r = 10$ %

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Ahmed has a recurring deposit account in a bank. He deposits Rs.2,500 per month for 2 years.If he gets Rs.66,250 at the time of maturity. Find the rate of interest.

The correct option is D 10%Given, maturity value =66,250, monthly installment =2,500, n=2 years =2×12=24 monthsInterest =Pn(n+1)r2400=255×24×25×r2400=625rTherefore, amount =(Pn+625r)⇒66,250=(2500×24+625r)⇒66,250=60,000+625r⇒6250=625r⇒r=10%

Ahmed has a recurring deposit account in a bank. He deposits Rs. $2, 500$ per month for $2$ years.If he gets Rs. $66, 250$ at the time of maturity. Find the rate of interest.