MCQEasy1 mark
Select the correct option for each of the following questions.
Mohit opened a Recurring deposit account in a bank for 2 years. He deposits ₹1000 every month and receives ₹25500 on maturity. The interest he earned in 2 years is
Topic: Recurring deposit / interest
Previous-year question practice database
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Pick an option and check your answer. The full worked answer is below either way.
Answer
Exam answer
(d) ₹1,500
Explanation
Total deposits = ₹1,000 × 24 = ₹24,000. Interest = ₹25,500 − ₹24,000 = ₹1,500.
In words
₹1,500
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