Naseem has $5$ years recurring deposits account in SBI bank and deposits Rs. $240$ per month. If she receives Rs. $17, 694$ at the time of maturity. Find the rate of interest.

Open in App

Solution

$T = 5 y e a r s = (5 \times 12) m o n t h s ∴ n = 60 P = 240 R a t e = R M . V = P \times \frac{n (n + 1)}{2 \times 12} \times \frac{R}{100} + P \times n \Rightarrow 17694 = 240 \times \frac{60 \times 61}{24} \times \frac{R}{100} + (240 \times 60) \Rightarrow 17694 = \frac{240 \times 60 \times 61}{24 \times 100} R + 14400 \Rightarrow 3294 = \frac{240 \times 60 \times 61}{24 \times 100} R \Rightarrow R = \frac{3294 \times 24 \times 100}{240 \times 60 \times 61} = 9 %$
Hence, Rate of interest $= 9 %$

Suggest Corrections

Similar questions

Naseem has a 5 year Recurring Deposit Account in Punjab National Bank and deposits Rs 240 per month into it. If she receives Rs 17694 at the time of maturity, what will be her rate of interest ?

Q. David opened a Recurring Deposit Account in a bank and deposited Rs 300 per month for two years. If he received Rs 7,725 at the time of maturity, find the rate of interest per annum.

Q. Shahrukh opened a Recurring Deposit Account in a bank and deposited Rs.

800

per month for

1 \frac{1}{2}

years. If he received Rs.

15, 084

at the time of maturity, find the rate of interest per annum.

Q. In a Recurring Deposit Account if ₹ 240 per month is deposited for 5 years and received ₹ 17,694 at time of maturity then rate of interset is .

(i) Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits Rs 140 per month for 4 years. If he gets Rs 8,092 on maturity, find the rate of interest given by the bank.

(ii) David opened a Recurring Deposit Account in a bank and deposited Rs 300 per month for two years. If he received Rs 7,725 at the time of maturity, find the rate of interest per annum.

Join BYJU'S Learning Program

Naseem has 5 years recurring deposits account in SBI bank and deposits Rs. 240 per month. If she receives Rs.17,694 at the time of maturity. Find the rate of interest.

T=5years=(5×12)months∴n=60P=240Rate=RM.V=P×n(n+1)2×12×R100+P×n⇒17694=240×60×6124×R100+(240×60)⇒17694=240×60×6124×100R+14400⇒3294=240×60×6124×100R⇒R=3294×24×100240×60×61=9%Hence, Rate of interest =9%

Naseem has $5$ years recurring deposits account in SBI bank and deposits Rs. $240$ per month. If she receives Rs. $17, 694$ at the time of maturity. Find the rate of interest.