Sneha deposits Rs. $2500$ per month in a bank for $48$ months under a recurring deposit scheme. If she is entitled to get Rs. $150000$ as maturity value, find the rate of interest per annum.

6 %

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8 %

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10 %

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12 %

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Solution

The correct option is D $12 %$
Let the rate of interest per annum be $r %$ .
$P =$ Rs. $2500, n = 48$ months
Interest $=$ $\frac{P n (n + 1) r}{2400} = \frac{2500 \times 48 (48 + 1) r}{2400} = 2540 r$
Maturity amount $= 2500 \times 48 + 2450 r = 120000 + 2450 r$
$\Rightarrow 150000 - 120000 = 2450 r$
$\Rightarrow 30000 = 2450 r$
$\Rightarrow r = 12.24 %$

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Sneha deposits Rs. 2500 per month in a bank for 48 months under a recurring deposit scheme. If she is entitled to get Rs. 150000 as maturity value, find the rate of interest per annum.

The correct option is D 12%Let the rate of interest per annum be r%.P= Rs. 2500,n=48 monthsInterest = Pn(n+1)r2400=2500×48(48+1)r2400=2540rMaturity amount =2500×48+2450r=120000+2450r⇒150000−120000=2450r⇒30000=2450r⇒r=12.24%

Sneha deposits Rs. $2500$ per month in a bank for $48$ months under a recurring deposit scheme. If she is entitled to get Rs. $150000$ as maturity value, find the rate of interest per annum.