Ashish deposite rs 1000 every month is a recurring deposit account for period of 12 months. If the bank pays interest at a certain rate p. A. And ashish gets 12715 as the maturity value of this account at what rate of interest did he pay every month

Solution :

Given :

Principal amount, P = Rs. 1000

Time period = 12 months

The maturity value = Rs. 12,715

We know that,

SI = 65 R

So we know,

maturity value = principal amount + SI

12715 = 1000 + 65 R

65 R = 12715 - 1000

65 R = 11715

R = 18%        

So the rate is 18%

p.a.

Step-by-step explanation:

Given:

the principal amount deposited each month,

amount after maturity of one year,

We have the formula as:

where:

R = rate of interest per annum

T = time in months

   [since the principal is deposited each month]

p.a.

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the answer is (-4,-4)

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