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ICSE Class 10 Answered

Mr Alwar deposit Rs 300 per month for 27 months in a recurring deposit account if at the time of maturity gets rupees 8950. 50 find the rate of interest
Asked by vivu7980 | 18 Dec, 2018, 11:54: AM
answered-by-expert Expert Answer
P = Rs. 300, n = 27 months, MV = Rs. 8950.50
MV = 8950.5
begin mathsize 16px style straight P cross times straight n plus straight P cross times fraction numerator straight n open parentheses straight n plus 1 close parentheses over denominator 2 cross times 12 end fraction cross times straight r over 100 equals 8950.5 300 cross times 27 plus 300 cross times fraction numerator 27 cross times 28 over denominator 2 cross times 12 end fraction cross times straight r over 100 equals 8950.5 8100 plus 300 cross times fraction numerator 27 cross times 28 over denominator 2 cross times 12 end fraction cross times straight r over 100 equals 8650.5 300 cross times fraction numerator 27 cross times 28 over denominator 2 cross times 12 end fraction cross times straight r over 100 equals 550.5 end style
Calculate rate of interest earn.
 
Answered by Sneha shidid | 18 Dec, 2018, 01:23: PM

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