Mr Kapoor deposits Rs. 900 each month in a Recurring Deposit account for 3 years. If the rate of interest is 8% per annum Find the Interest.

3996

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2500

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3000

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3500

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Solution

The correct option is A
3996

Let the Interest be I

Given that Principal = Rs.900
Time in months will be 3 $\times$ 12 = 36 months
r = 8%
Interest = $\frac{900 \times 36 \times 37}{2 \times 12} \times \frac{8}{100} [∵ I = \frac{P \times n (n + 1)}{2 \times 12} \times \frac{r}{100}]$
I = Rs. 3996

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Mr Kapoor deposits Rs. 900 each month in a Recurring Deposit account for 3 years. If the rate of interest is 8% per annum Find the Interest.

The correct option is A 3996 Let the Interest be I Given that Principal = Rs.900 Time in months will be 3 × 12 = 36 months r = 8% Interest = 900×36×372×12×8100[∵I=P×n(n+1)2×12×r100] I = Rs. 3996

The correct option is A
3996

Let the Interest be I

Given that Principal = Rs.900
Time in months will be 3 $\times$ 12 = 36 months
r = 8%
Interest = $\frac{900 \times 36 \times 37}{2 \times 12} \times \frac{8}{100} [∵ I = \frac{P \times n (n + 1)}{2 \times 12} \times \frac{r}{100}]$
I = Rs. 3996