NumericalModerate2 marks
2(ii)
Salman deposits 1000 every month in a recurring deposit account for 2 years. If he receives 26000 on maturity, find:
the rate of interest.
Topic: Recurring deposit / interest
Previous-year question practice database
Answer
Exam answer
8% p.a.
Explanation
R.D. interest: I = P·n(n+1)/(2×12)·r/100. Substitute I=2000, P=1000, n=24 to obtain r=8%.
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