priya has a cumalative time deposit account in a bank. she deposits 600 ruppees per month for 6 yrs. if at the end of maturity period she gets 53712 rs find the rae of intrest About the author Mary
Answer: This can be solved as follows: Here P = Rs. 600 Time = 6 years = 72 months Rate of interest = r% Interest = P x = 600 x = 3 x73r n(n + 1) 2 x 12 х 72(72 + 1) 2 x 12 = 1314r … (i) Maturity Value P x n + P r 100 х r 100 n(n + 1) r х 2 x 12 100 – 53712 = 600 x 6x 12 + 1314 … from (i) – 53712 = 43200 + 1314r + 1314r = 10512 r = 8 Hence, the rate of interest = 8% Reply
Answer:
This can be solved as follows: Here P = Rs. 600
Time = 6 years = 72 months
Rate of interest = r%
Interest = P x
= 600 x
= 3 x73r
n(n + 1)
2 x 12
х
72(72 + 1)
2 x 12
= 1314r … (i)
Maturity Value P x n + P
r
100
х
r
100
n(n + 1) r х
2 x 12 100
– 53712 = 600 x 6x 12 + 1314 … from (i)
– 53712 = 43200 + 1314r
+ 1314r = 10512
r = 8
Hence, the rate of interest = 8%