Same chapter4 marksDifficulty: Medium
Deepa deposits ₹1,500 per month for 2 years at 9% per annum. Find the maturity value of her account.
Banking
3 marksDifficulty: Medium
Mr. Sharma deposits ₹1,500 per month in a recurring deposit account for 2 years. If he receives ₹39,750 at the time of maturity, find the rate of interest per annum.
Original Khojo Papers practice question — not from a past board paper.
Answer
10% per annum
No citable source has been recorded for this record. Treat it as practice material, not as fact.
Explanation
Total deposited = 1,500 × 24 = ₹36,000, so interest = 39,750 − 36,000 = ₹3,750. Using I = P × n(n+1)/(2×12) × r/100 = 1500 × (24×25)/24 × r/100 = 375r. Therefore 375r = 3,750, giving r = 10%.
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