Short answerEasy1 mark
8(i)
Rohit and Vinay both opened a recurring deposit account in a bank for 2 years at 8%, simple interest. Vinay deposited ₹300 per month. On maturity, Rohit's interest was ₹800 more than Vinay's interest. Find the:
sum deposited by Rohit every month
Topic: Banking / interest
Previous-year question practice database
Answer
Exam answer
Rohit's interest = ₹600 + ₹800 = ₹1,400.
Let monthly deposit = ₹P. n = 24, r = 8%.
1400 = P × [24×25/2] × 8/1200 = 2P.
P = ₹700.
Answer: ₹700 per month.
Explanation
Rohit has the same term and rate; use the same R.D. formula with interest ₹1,400 and solve for P.
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