Rakesh deposited ₹900 per month for 2 year in R.D. account. If M.V. is ₹23850, then the rate of interest is .

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10%

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12%

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Solution

The correct option is B 10%
Given P = ₹900
n = 2 $\times$ 12 = 24 month
Maturity amount = ₹23850
Amount deposited = P $\times n = 900 \times 24 = 21600$
Interest = $\frac{P (n) (n + 1)}{2 \times 12} \times \frac{r}{100}$
= $\frac{900 \times 24 \times 25}{2 \times 12} \times \frac{r}{100} = 225 r$
Since maturity amount = Amount deposited + Interest
23850 = 21600 +225r
225r = 2250
r= 10 %

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Rakesh deposited ₹900 per month for 2 year in R.D. account. If M.V. is ₹23850, then the rate of interest is .

The correct option is B 10%Given P = ₹900 n = 2 × 12 = 24 month Maturity amount = ₹23850 Amount deposited = P ×n=900×24=21600 Interest = P(n)(n+1)2×12×r100 = 900×24×252×12×r100=225 r Since maturity amount = Amount deposited + Interest 23850 = 21600 +225r 225r = 2250 r= 10 %