Mr thomas has a 4 years cumulative time deposits accounts in corporation Bank and deposits rs 650 per month if he receives rs 36296 at the time of maturity finf-

1. The total interest earned by mr thomas.

2. The rate of interest per annum.

Asked by Dipshikaparajuli | 15th Jun, 2019, 09:32: PM

Expert Answer:

P = Rs. 650, n = 4 years = 48 months, A = Rs. 36296
begin mathsize 16px style straight A equals Pn plus fraction numerator Pn left parenthesis straight n plus 1 right parenthesis over denominator 12 cross times 2 end fraction cross times straight r over 100 end style
36296 = 650 × 48 + 650 × 48 × 49 × r/2400
5096 = 637r
r = 8% p. a.
Hence, the arte of interest is 8% p.a.
Interest = begin mathsize 16px style fraction numerator Pn left parenthesis straight n plus 1 right parenthesis over denominator 12 cross times 2 end fraction cross times straight r over 100 end style
            = 650 × 48 × 49 × 8/2400
            = Rs. 5096

Answered by Sneha shidid | 17th Jun, 2019, 10:10: AM