Question

Kamal deposits Rs 550 per month in a recurring deposit account for `1(1)/(2)` year at `8%` per annum. Find the interest that kamal will receive at the time of maturity.
A. Rs. 550
B. Rs. 627
C. Rs. 230
D. Rs. 346

Answer 1

Correct Answer - B
(i) Use, `SI(Pxxn(n+1))/(2)xx(R)/(1200)`
(ii) Given P =Rs. 550, n=18 months, `R=8%`
Use, `I=(Pxxn(n+1))/(2)xx(R)/(100)` to find interest reviced.