This is an important question from the Book- ML Aggarwal
This question has been asked in 2010 questions paper.
Mr. Gupta-opened a recurring deposit account in a bank. He deposited Rs. 2500 per month for two years. At the time of maturity he got Rs. 67500.
Find : (i) the total interest earned by Mr. Gupta.
(ii) the rate of interest per annum.
Question no.7 , ML Aggarwal, exercise 2, chapter 2, ICSE board, class10, banking.
Deposit per month = Rs. 2500
Period = 2 years = 24 months
Maturity value = Rs. 67500