UP TGT Mathematics commercial mathematics Test Series - Part 1
Mr. Sharma deposits Rs. 2,000 per month in a bank for 2.5 years (30 months). If he receives Rs. 6,975 as interest on mat...
Type: MCQ • Marks: 1
Mr. Sharma deposits Rs. 2,000 per month in a bank for 2.5 years (30 months). If he receives Rs. 6,975 as interest on maturity, find the rate of interest p.a.
Options
A. 1) 8%
B. 2) 11%
C. 3) 10%
D. 4) 9%
Explanation
I = P * n(n+1) * R / 2400 => 6975 = 2000 * 30 * 31 * R / 2400 => 6975 = 775 R => R = 6975 / 775 = 9% p.a.
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