Mr. Ramesh opened a recurring deposit account in a bank. He deposited in the installment of ₹1500 per month for two years. At the time of maturity he received an amount of ₹56,000. Calculate the total interest earned by Mr. Ramesh.

₹10000

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₹12000

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₹20000

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₹22000

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Solution

The correct option is C ₹20000
Monthly installment = ₹ 1500

n = 2 x 12 = 24 Months

Amount deposited = 1500 $\times$ 24 = ₹36000

Maturity value = ₹56000

$∴$ Interest on his deposit = ₹(56000 – 36000) = ₹20000

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[3 MARKS]

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

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Mr. Ramesh opened a recurring deposit account in a bank. He deposited in the installment of ₹1500 per month for two years. At the time of maturity he received an amount of ₹56,000. Calculate the total interest earned by Mr. Ramesh.

The correct option is C ₹20000Monthly installment = ₹ 1500 n = 2 x 12 = 24 Months Amount deposited = 1500 × 24 = ₹36000 Maturity value = ₹56000 ∴ Interest on his deposit = ₹(56000 – 36000) = ₹20000

The correct option is C ₹20000
Monthly installment = ₹ 1500

n = 2 x 12 = 24 Months

Amount deposited = 1500 $\times$ 24 = ₹36000

Maturity value = ₹56000

$∴$ Interest on his deposit = ₹(56000 – 36000) = ₹20000