Mr. Ravi opened a recurring deposit account in a bank. He deposited in the installment of ₹2500 per month for two years. At the time of maturity he received an amount of ₹67,500. Calculate the total interest earned by Mr. Ravi.

₹7000

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₹7500

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₹6500

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₹5000

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Solution

The correct option is B
₹7500

Monthly installment = ₹ 2500

n = 2 x 12 = 24 Months

Amount deposited = 2500 $\times$ 24 = ₹60000

Maturity value = ₹67500

$∴$ Interest on his deposit = ₹(67500 – 60000) = ₹7500

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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. Ravi opened a recurring deposit account in a bank. He deposited in the installment of ₹2500 per month for two years. At the time of maturity he received an amount of ₹67,500. Calculate the total interest earned by Mr. Ravi.

The correct option is B ₹7500 Monthly installment = ₹ 2500 n = 2 x 12 = 24 Months Amount deposited = 2500 × 24 = ₹60000 Maturity value = ₹67500 ∴ Interest on his deposit = ₹(67500 – 60000) = ₹7500

The correct option is B
₹7500

Monthly installment = ₹ 2500

n = 2 x 12 = 24 Months

Amount deposited = 2500 $\times$ 24 = ₹60000

Maturity value = ₹67500

$∴$ Interest on his deposit = ₹(67500 – 60000) = ₹7500