Mr. Gupta opened a recurring deposit account in a bank . He deposited Rs2,500 for two years . At the time of maturity he got Rs67,500.find

1. The total interest earned by Mr. Gupta .2. The rate of interest per annum

Asked by pk9751660 | 22nd Apr, 2019, 08:00: PM

Expert Answer:

I n space t h e space q u e s t i o n comma space i t space s h o u l d space b e space m e n t i o n e d space t h a t space M r. space G u p t a space d e p o s i t s space R s space 2 comma 500 space p e r space m o n t h
S o l u t i o n colon
1.
T o t a l space p e r i o d space o f space t i m e space equals space 2 space y e a r s
M o n t h l y space i n s t a l l m e n t space equals space R s space 2 comma 500
M r. space G u p t a space d e p o s i t s space f o r space 2 space y e a r s space i. e. space 2 cross times 12 equals 24 space m o n t h s
T o t a l space a m o u n t space d e p o s i t e d space i n space 2 space y e a r s space equals space 24 cross times 2 comma 500 equals R s. space 60 comma 000
H e space g o t space R s. space 67 comma 500
S o comma space t o t a l space i n t e r e s t space e a r n e d space b y space h i m space equals space 67500 minus 60000 equals R s. space 7 comma 500
2.
I n t e r e s t space equals space fraction numerator n left parenthesis n plus 1 right parenthesis over denominator 2 end fraction cross times fraction numerator I n s t a l l m e n t cross times R a t e over denominator 100 end fraction
rightwards double arrow 7500 space equals space fraction numerator 24 cross times 25 over denominator 2 end fraction cross times fraction numerator 2500 cross times R a t e over denominator 100 cross times 12 end fraction space...... space S i n c e space t h e space i n s t a l l m e n t space i s space m o n t h l y
rightwards double arrow R a t e equals fraction numerator 7500 cross times 2 cross times 12 over denominator 24 cross times 25 cross times 25 end fraction equals 12 percent sign
H e n c e comma space t h e space r a t e space o f space i n t e r e s t space i s space 12 percent sign.

Answered by Renu Varma | 23rd Apr, 2019, 09:45: AM

Queries asked on Sunday & after 7pm from Monday to Saturday will be answered after 12pm the next working day.