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 ?
The correct option is
C
9%
Given,
Time T=5years=12×5=60 months
So, n=60
Principal P=240per month
Let r% be the rate of interest
Matured value =P×n(n+1)2×12×r100+P×n
17694= 240×60×612×12 ×r100)+(240×60)
17694=14400+366r
366r=3294
⇒r=9
Hence, rate of interest is 9%
Hence, correct answer is option (C).