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
36296 = 650 × 48 + 650 × 48 × 49 × r/2400
5096 = 637r
r = 8% p. a.
Hence, the arte of interest is 8% p.a.
Interest = 
= 650 × 48 × 49 × 8/2400
= Rs. 5096
Answered by Sneha shidid | 17th Jun, 2019, 10:10: AM
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