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Question

Mr. Gupta opened a recurring deposit account in a bank. He deposited Rs 2,500 per month for two years. At the time of maturity he got Rs 67,500. Find:

(i) the total interest earned by Mr. Gupta

(ii) the rate of interest per annum.

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Solution

P=Rs. 2500, no of months=24, rate=r% MaturityAmount=Rs.67500

Maturity Value=P×n+P×n(n+1)2×12×r100

67500=2500×24+2500×24(24+1)2×12×r100

r=(675002500×24)×(2×12)×1002500×24×25

r=12%

Interest=2500×24(24+1)2×12×12100=Rs. 7500


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