Same chapter4 marksDifficulty: Hard
Priya opened a recurring deposit account for 30 months at 10% per annum and received ₹27,100 on maturity. Find her monthly instalment.
Banking
4 marksDifficulty: Hard
A man deposits ₹500 per month in a recurring deposit account for 4 years and receives ₹28,410 on maturity. Find the rate of interest.
Original Khojo Papers practice question — not from a past board paper.
Answer
9% per annum
No citable source has been recorded for this record. Treat it as practice material, not as fact.
Explanation
He deposits 500 × 48 = ₹24,000, so the interest is ₹4,410. The equivalent principal is 500 × 48 × 49/2 = ₹5,88,000, so r = 4,410 × 100 × 12 ÷ 5,88,000 = 9% per annum.
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