Question

Varsha opened a recurring deposit account with Oriental Bank of Commerce and deposited Rs.800 per month at an interest rate of `4%` per annum. If she receives Rs.800 as interest, then find out the total time for which the account was held. (in years)
A. `1(1)/(2)`
B. 2
C. `1(3)/(4)`
D. `2(1)/(4)`

Answer 1

Correct Answer - B
Use, `SI=(Pxxn(n+1))/(2)xx(R)/(1200)`