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Basic Math/rate of intrest

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Question
Dear Sir,
Please answer the following...
If X deposited Rs.2340 monthly in a bank RD account up to 36 months. He will get Rs.100000 at 37th month. How much rate of interest is bank given him?

please answer how to solve it?
Thanks in advance.
mahima.

Answer
Hello Mahima

I believe that you know that you know that the rate of interest, Amount of money (Principal), Time and the Total interest money are related by the following formula.

I = P*R*T

In this case, I is the total money, Rs.100000
The principal is Rs.2340
The time 36 months
We are required to find the rate of interest per month right Mahima?

Rs.100000 = Rs.2340 * 36 * T

This implies that R = 1.187 per month.  

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I can answer questions regarding Relations, linear functions and equations, Squares and square roots, Translation and Similarity, Special Properties of Right Angled Triangles, Measurement of Area and Volume, algebra. I can also answer questions related to Pre calculus, Limits and Continuity, Derivatives Applications of Derivatives, High school math in general. I can’t answer questions of the following type. Power Series, Multiple Integrals, Fourier series, Vector valued Functions.

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I love mathematics as it is the mother of all sciences. I had an outstanding math results while I was in school. The tradition continues while I am in university. I have been helping elementary school Students for the past five years with mathematics problems. In fact, I have a brother who is four years younger than me I usually help him to understand what the crux of the question is before trying to solve it. He loves math very much, he is indeed one of the top scorers form his class in Mathematics. I didn’t stop helping my younger relatives after I joined the Engineering campus and I am more than ready to help anyone with my skill.

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