Ahmed has a recurring deposit account in a bank. He depostis Rs 2,500 per month for 2 years. If he gets Rs 66,250 at the time of maturity, find (i) The interest paid by the bank. (ii) The rate of interest [4 MARKS]

Ahmed has a recurring deposit account in a bank. He depostis Rs 2,500

1.	Ahmed has a recurring deposit account in a bank. He depostis Rs 2,500 per month for 2 years. If he gets Rs 66,250 at the time of maturity, find (i) The interest paid by the bank. (ii) The rate of interest [4 MARKS]
Answer» Ahmed has a recurring deposit account in a bank. He depostis Rs 2,500 per month for 2 years. If he gets Rs 66,250 at the time of maturity, find (i) The interest paid by the bank. (ii) The rate of interest [4 MARKS]