Mr. Jacket has 2 yrs RD account and deposits 1500 per month . If he receives 37575 at the time of maturity . Find R. 

 

Asked by Ashmitha | 6th Jan, 2018, 03:52: PM

Expert Answer:

begin mathsize 16px style 2 space years equals 24 space months
Total space money space deposited space in space the space bank equals Rs. space 1500 cross times 24 equals Rs. space 36000
Given comma space maturity space value space equals Rs. space 37575
Thus comma space interest space paid space by space the space bank equals Maturity space value space minus space Total space sum space deposited
space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space equals Rs. space left parenthesis 37575 minus 36000 right parenthesis
space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space space equals Rs. space 1575
Now comma
straight I equals straight P cross times fraction numerator straight n left parenthesis straight n plus 1 right parenthesis over denominator 2 cross times 12 end fraction cross times straight R over 100
rightwards double arrow 1575 equals 1500 cross times fraction numerator 24 cross times 25 over denominator 2 cross times 12 end fraction cross times straight R over 100
rightwards double arrow straight R equals 4.2 percent sign
end style

Answered by Rashmi Khot | 8th Jan, 2018, 02:00: PM