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Question

Gopal has a cumulative deposit account and deposits Rs. 900per month for a period of 4 years. If he gets Rs.52,020 at the time of maturity, find the rate of interest.

A
5%
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B
2%
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C
10%
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D
12%
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Solution

The correct option is C 10%
Installment per month (P)=Rs.900
No. of months (n)=4 years=12×4=48 months
Let rate of interest be r% per annum
t=n(n+1)2×12=48×4924=98
S.I.=P×n(n+1)2×12×r100
S.I.=900×48(48+1)2×12×r100=Rs.882r
Maturity value =Rs.(900×48+882r)=Rs(43200+882r)
maturity value =Rs.52020
43200+882r=52020
882r=5202043200
r=8820882=10%
Hence, rate of interest 10%.

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