Question

Mr. Gupta opened a recurring *** 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.

Answer 1

(i) Given, n =24, A = 2,500 x 24= Rs.60,000