NumericalModerate2 marks
2(ii)
Mrs. Rao deposited ₹ 250 per month in a recurring deposit account for a period of 3 years. She received ₹ 10,110 at the time of maturity. Find:
the rate of interest.
Topic: Recurring deposit / interest
Previous-year question practice database
Answer
Exam answer
Rate of interest = 8% p.a.
Explanation
Deposits = ₹250×36=₹9,000; interest =₹10,110−₹9,000=₹1,110. Use R.D. formula I=P·n(n+1)/(2×12)·r/100 and solve for r.
More from Banking (Recurring Deposit Account)
A and B opened a recurring deposit account in a bank which is paying simple interest at 9% per annum. A deposited ₹ 1,500 for one year and B deposited ₹ 1,200 for 15 months. The amount invested by :2026interest earned by Vinay.2026sum deposited by Rohit every month2026Mr. Anuj deposits ₹500 per month for 18 months in a recurring deposit account at a certain rate. If he earns ₹570 as interest at the time of maturity, then his matured amount is:2025how much more interest Mrs. Rao will receive if she had deposited ₹50 more per month at the same rate of interest and for the same time.2025Suresh has a recurring deposit account in a bank. He deposits ₹2000 per month and the bank pays interest at the rate of 8% per annum. If he gets ₹1040 as interest at the time of maturity, find in years total time for which the account was held.2024