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Mathematics

₹ 900 is deposited every month in a recurring deposit account at 10% rate of interest, the interest earned in 8 months is :

  1. ₹ 270

  2. ₹ 2700

  3. ₹ 27

  4. ₹ 210

Banking

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Answer

Given,

Sum deposited (P) = ₹ 900/month

Time (n) = 8 months

Rate of interest (r) = 10%

By formula,

Interest = P×n(n+1)2×12×r100P \times \dfrac{n(n + 1)}{2 \times 12} \times \dfrac{r}{100}

Substituting values we get :

I=900×8×(8+1)2×12×10100=900×8×92×12×110=90×3=₹270.I = 900 \times \dfrac{8 \times (8 + 1)}{2 \times 12} \times \dfrac{10}{100} \\[1em] = 900 \times \dfrac{8 \times 9}{2 \times 12} \times \dfrac{1}{10} \\[1em] = 90 \times 3 \\[1em] = ₹ 270.

Hence, Option 1 is the correct option.

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