Mathematics
In a recurring deposit account, Mohit deposited ₹ 5000 per month for one year and at maturity gets ₹ 67,500; the total interest earned is :
₹ 60,000
₹ 67,500
₹ 52,500
₹ 7,500
Banking
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Answer
Sum deposited = Monthly deposit × No. of months
= ₹ 5000 × 12 = ₹ 60000.
We know that,
Maturity value = Sum deposited + Interest
₹ 67500 = ₹ 60000 + Interest
Interest = ₹ 67500 - ₹ 60000 = ₹ 7500.
Hence, Option 4 is the correct option.
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Assertion (A) : In a cumulative deposit account, a man deposited ₹ 5,000 per month for 6 months and received ₹ 33,000 on maturity. The interest received by him is ₹ 3,000.
Reason (R) : Interest received in a cumulative deposit account = Maturity value - Total sum deposited
A is true, R is false.
A is false, R is true.
Both A and R are true.
Both A and R are false.