#### Haneef has a cumulative bank account and deposits Rs. 600 per month for a period of 4 years. If he gets Rs. 5880 as interest at the time of maturity, find the rate of interest.

**Solution:**

Interest = Rs. 58800

Monthly deposit (P) = Rs. 600

#### David opened a Recurring Deposit Account in a bank and deposited Rs. 300 per month for two years. If he received Rs. 7725 at the time of maturity, find the rate of interest per annum. (2008)

**Solution:**

Deposit during one month (P) = Rs. 300

Period = 2 years = 24 months.

Maturity value = Rs. 7725