Salman deposits ₹1,000 every month in a recurring deposit account for 2 years. If he receives ₹26,000 on maturity, find:

(i) the total interest Salman earns.

(ii) the rate of interest.

A recurring deposit is also known as:

1. maturity deposit

2. cumulative time deposit

3. regular saving deposit

4. investment fund deposit

In a recurring deposit, the maturity value is given by:

1. $(P \times n) + I$

2. $P \times n \times I$

3. $\dfrac{P \times n \times I}{100}$

4. $\dfrac{(P \times n) + I}{100}$

If Ramesh Kumar has an R.D. in a post office, he has to deposit:

1. an amount only once

2. the same amount every month

3. a decreasing amount every month

4. an increasing amount every month