Mr. Gupta opened a Recurring Deposit Account in a bank. He deposited Rs 2,500 per month for two years. At the time of maturity, he got Rs 67,500. Find : (i) The total interest earned by Mr. Gupta (ii) The rate of interest per annum. [3 MARKS]

Mr. Gupta opened a Recurring Deposit Account in a bank. He deposited R

1.	Mr. Gupta opened a Recurring Deposit Account in a bank. He deposited Rs 2,500 per month for two years. At the time of maturity, he got Rs 67,500. Find : (i) The total interest earned by Mr. Gupta (ii) The rate of interest per annum. [3 MARKS]
Answer» Mr. Gupta opened a Recurring Deposit Account in a bank. He deposited Rs 2,500 per month for two years. At the time of maturity, he got Rs 67,500. Find : (i) The total interest earned by Mr. Gupta (ii) The rate of interest per annum. [3 MARKS]