UP TGT Mathematics commercial mathematics Test Series - Part 1
Which formula is used to calculate the simple interest on a Recurring Deposit (RD) account for n months at rate R% p.a.?
Type: MCQ • Marks: 1
Which formula is used to calculate the simple interest on a Recurring Deposit (RD) account for n months at rate R% p.a.?
Options
A. 1) I = P * (n + 1) * R / 1200
B. 2) I = P * n^2 * R / 2400
C. 3) I = P * n * R / 100
D. 4) I = P * n * (n + 1) * R / 2400
Explanation
The formula for RD Interest is I = P * [n(n+1) / (2 * 12)] * (R / 100) = P * n * (n + 1) * R / 2400, where P is monthly installment and n is time in months.
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