Mr. Sameer has a recurring deposit account and deposits ₹ 600 per month for 2 years. If he gets ₹ 15600 at the time of maturity, find the rate of interest earned by him.

Let rate of interest be r%.

Given,

P = ₹ 600/month

n = 2 years or 24 months

M.V. = ₹ 15600

By formula,

M.V. = $P \times n + P \times \dfrac{n(n + 1)}{2 \times 12} \times \dfrac{r}{100}$

Substituting values we get :

$\Rightarrow 15600 = 600 \times 24 + 600 \times \dfrac{24 \times (24 + 1)}{2 \times 12} \times \dfrac{r}{100} \\[1em] \Rightarrow 15600 = 14400 + 6 \times 25 \times r \\[1em] \Rightarrow 15600 - 14400 = 6 \times 25 \times r \\[1em] \Rightarrow 150r = 1200 \\[1em] \Rightarrow r = \dfrac{1200}{150} = 8\%.$

Hence, rate of interest = 8%.