Mr.Gupta opened a R.D. account in a bank.he deposited Rs.2400 per month for 2 years.At the time of maturity he got Rs.67500.Find: (i)the total interest earned by Mr.Gupta (ii)the rate of interest per annum.

Asked by pri | 3rd May, 2012, 06:34: PM

Expert Answer:

We have:
P = Rs 2400
T = n = 2 years = 24 months
N = n(n+1)/2 x 12 = 25 years
A = Rs 67500
A = Pn + (PNR)/ 100
Put in the values to get the value of R, which is the rate of interest.

Answered by  | 8th May, 2012, 05:20: PM

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