Mathematics
Rohana has a recurring deposit account in State Bank of India. She deposits ₹ 800 per month for years. Bank pays interest at the rate of 5% p.a. Assertion (A): Interest earned by Rohana in years is ₹ 1,650. Reason (R): Interest earned = where, P = monthly instalment, n = number of installments and r = rate of interest p.a. 1. Assertion (A) is true, but Reason (R) is false. 2. Assertion (A) is false, but Reason (R) is true. 3. Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correct reason for Assertion (A). 4. Both Assertion (A) and Reason (R) are correct, and Reason (R) is incorrect reason for Assertion (A).
Related Questions
Jena has a cumulative deposit account in Indian Bank. She deposit ₹ 500 per month for 2 years. Bank pays interest at the rate of 6% p.a.
Assertion (A): Money received by Jena at maturity is ₹ 12,750.
Reason (R): Maturity value = money deposit + interest.
Assertion (A) is true, but Reason (R) is false.
Assertion (A) is false, but Reason (R) is true.
Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correct reason for Assertion (A).
Both Assertion (A) and Reason (R) are correct, and Reason (R) is incorrect reason for Assertion (A).
Dhruv deposits ₹600 per month in a recurring deposit account for 5 years at the rate of 10% per annum (simple interest). Find the amount he will receive at the time of maturity.
Ankita started paying ₹400 per month in a 3 years recurring deposit. After six months her brother Anshul started paying ₹500 per month in a 2½ years recurring deposit. The bank paid 10% p.a. simple interest for both. At maturity who will get more money and by how much?