Shahrukh opened a Recurring Deposit Account in a bank and deposited ₹ 800 per month for 1 \frac{1}{2} years. If he received ₹ 15,084 at the time of maturity, find the rate of interest per annum.

ICSE Class X Math 2014 Solved Paper - Question 7

Question : 7 of 52

Marks: +1, -0

Shahrukh opened a Recurring Deposit Account in a bank and deposited

₹ 800

per month for

1 \;{1}/{2}

years. If he received

₹ 15,084

at the time of maturity, find the rate of interest per annum.

Solution:

Here,

{\P}=

money deposited per month

=

₹ 800

n=

Time for which the money is deposited

=1 \;{1}/{2} \;\text " years "\;_{\;\text ", "\;}=18 \;\text " months. "\;

Let the rate of interest be

r \%

per annum, then

∴ \;\; \;\text " Interest "\;\;= {\P} × \;{n(n+1)}/{2 × 12} × \;{r}/{100}

\;=800 × \;{18 × 19}/{2 × 12} × \;{r}/{100}

\;=₹ 114 r

Total money deposited

=18 × 800=₹ 14,400

Since money deposited + interest

=

Maturity value

14,400+114 r\;=15,084

114 r\;=15,084-14,400

114 r\;=684

r\;=\;{684}/{114}=6

Hence, rate of interest

=6 \%

p.a.

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