Mathematics

Joseph has a recurring deposit account in a bank for two years at the rate of 8\% per annum simple interest.

The total amount deposited in the bank is:

  1. ₹25,000

  2. ₹24,000

  3. ₹26,000

  4. ₹23,000

Banking

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Answer

Given,

P = ₹1000

n = 24 months

Total deposit = P x n

Total deposit = 1000 x 24

Total deposit= ₹24,000

Hence, Option 2 is the correct option.

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