Mr. Dhruv deposits Rs 600 per month in a recurring deposit account for 5 years at the rate of 10% per annum (simple interest). Find the amount he will receive at the time of maturity.
Solution:
Deposit per month = Rs 600
Rate of interest = 10% p.a.
Period (n) = 5 years 60 months.
Total principal for one month
Shilpa has a 4 year recurring deposit account in Bank of Maharashtra and deposits Rs 800 per month. If she gets Rs 48200 at the time of maturity, find
(i) the rate of simple interest,
(ii) the total interest earned by Shilpa
Solution:
Deposit per month (P) = Rs 800
Amount of maturity = Rs 48200
