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ICSE Class 10 Answered

Mr. Arora has a two years recurring deposit account in State Bank of India and deposits Rs. 1500 per month. If he receives Rs. 37,875 at the time of maturity, find the rate of interest.
Asked by Topperlearning User | 05 Sep, 2017, 12:14: PM
answered-by-expert Expert Answer

Monthly deposit = Rs. 1500

Amount deposited in 2 years (24 months) = Rs. (1500 × 24) = Rs. 36,000

Amount received on maturity = Rs. 37,875

∴ Interest (I) = Rs. (37,875 - 36,000) = Rs. 1,875

Now n = 24, P = Rs. 1500 and r = ?

Answered by | 05 Sep, 2017, 02:14: PM

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