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Question

Mr. Rakesh deposited ₹1,100 every month in a recurring deposit account of a bank for 4 years. If the bank pays interest at the rate of 9% per annum, find the interest earned by him on this account.

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Solution

Given
Amount invested per month, P = 1,100

Number of months, n=4×12=48 months

Rate of interest, r = 9% per annum

Interest =P×n×(n+1)2×12×r100

=1100×48×(48+1)2×12×9100=9,702

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