NumericalModerate3 marks
Rekha opened a recurring deposit account for 20 months. The rate of interest is 9% per annum and Rekha receives ` 441 as interest at the time of maturity. Find the amount Rekha deposited each month.
Topic: Recurring deposit / interest
Previous-year question practice database
Answer
Exam answer
Let monthly deposit be ₹P. n=20, r=9%, I=₹441.
= P × 20×21/2 × 9/1200.
P = ₹280.
Answer: ₹280 per month.
Explanation
Substitute n=20, r=9 and I=441 in the recurring-deposit interest formula.
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