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Anuradha invests INR 500 every month in a recurring deposit scheme for 3 years. The interest earned is INR 2220. Find the rate of interest and the maturity values of the investment.

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4.90% and Rs. 40220

5.10% and Rs. 30220

3.20% and Rs. 10220

4.11% and Rs. 20220

answer is D.

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Detailed Solution

Anuradha invests INR 500 every month for 3 years.
Principal investment,

P = 500 \times 3 \times 12

P = 18000

Total time t= 3 years
Simple interest =INR 2220.
We have,
Simple interest

= \frac{P \times r \times t}{100}

2220 = \frac{18000 \times r \times 3}{100}

r = 4.11 %

Now, the maturity value on this interest,
= Principle + interest

= 18000 + 2220

= Rs . 20220

Thus, the rate of interest is 4.11% and the maturity values of the investment is Rs. 20220.
Option 4 is correct.

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