Manu has a 5 years recurring deposit account and deposits Rs. 240 per month. If he receives Rs. 17,694 at the time of maturity, find the rate of interest.

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19%

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Solution

The correct option is A
9%

Total amount deposited by Manu is 5 years = $240 \times 60 = 14400$
Equivalent principal for 1 month $= 240 \times \frac{60 (60 + 1)}{2} = 439200$
Let the rate be r %
Interest on Rs. 439200 for 1 month = $439200 \times \frac{1}{12} \times \frac{r}{100} = 366 r$
Maturity amount =17,694
Or 14400 +366r =17694
Then, r =9%

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Manu has a 5 years recurring deposit account and deposits Rs. 240 per month. If he receives Rs. 17,694 at the time of maturity, find the rate of interest.

The correct option is A 9%Total amount deposited by Manu is 5 years =240×60=14400 Equivalent principal for 1 month =240×60(60+1)2=439200 Let the rate be r % Interest on Rs. 439200 for 1 month =439200×112×r100=366r Maturity amount =17,694 Or 14400 +366r =17694 Then, r =9%