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(ii) David opened a Recurring Deposit Accountin a bank and deposited 300 per monthfor two years. If he received ? 7,725 at thetime of maturity, find the rate of interest[2008]per annum.

Answer»

Maturity Value = ₹ 7725Money deposited = 300 ×24 =₹7200Total interest = 7725 - 7200 =₹525Instalment per month(P) = ₹ 300Number of months (n) = 24Let rate of interest (r) = r% p.a.

SI = PA n(n+1)x r/(2*12*100)525= 300*(24)*(25) x r/(24*100)r= 7 percentageplease like the solution 👍 ✔️



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