Deepa has a 4-year recurring deposit account

in a bank and deposits Rs. 1,800 per month. If

she gets Rs. 1,08,450 at the time of maturity,

find the rate of interest.

in a bank and deposits Rs. 1,800 per month. If

she gets Rs. 1,08,450 at th

By Maria

Principal = 1800 per month

time 4 year

interest 1,08,450

Rate= I ×100÷ Principal× time

1,08,450×100÷1800×48

rate = 25 %

we do compound interest

P(1×R÷100)t

1800(1×25÷100) 4 years in month = 48

1800 (125) ÷100

1800(125÷100 continue to 48

you will get interest 1,08,450