Mr. Nandi deposits Rs. 840 every month for one year in a RD account. If he receives Rs 10380 at the end of the year, then find the interest amount.
Understand the Problem
The question is asking for the interest amount that Mr. Nandi earns after depositing Rs. 840 every month for a year in a recurring deposit account, given that he receives Rs. 10380 at the end of the year.
Answer
The interest amount is $300$.
Answer for screen readers
The interest amount Mr. Nandi earns is $300$.
Steps to Solve
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Determine total amount deposited Calculate the total amount Mr. Nandi deposits in a year. [ \text{Total Amount Deposited} = \text{Monthly Deposit} \times \text{Number of Months} = 840 \times 12 ]
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Calculate total deposits Calculating the total amount deposited yields: [ 840 \times 12 = 10080 ]
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Identify total amount received The problem states that Mr. Nandi receives Rs. 10380 at the end of the year.
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Calculate interest earned To find the interest earned, subtract the total amount deposited from the total amount received. [ \text{Interest} = \text{Total Amount Received} - \text{Total Amount Deposited} = 10380 - 10080 ]
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Final calculation of interest Calculating the interest gives: [ 10380 - 10080 = 300 ]
The interest amount Mr. Nandi earns is $300$.
More Information
Mr. Nandi deposited Rs. 840 every month for a year, resulting in a total deposit of Rs. 10080. Since he received Rs. 10380, the interest earned is Rs. 300.
Tips
- Not accounting for the total amount deposited over the year correctly. Make sure to multiply the monthly deposit by 12.
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