Final answer:
Mr. Jacob's total deposits over two years at Rs.1500 per month are Rs.36000. The total interest earned can be found by subtracting the total deposits from the maturity value, which is Rs.1875. To find the exact interest rate, more information and the specific formula for a recurring deposit are needed, which is typically provided by banks.
Step-by-step explanation:
To find the rate of interest in Mr. Jacob's recurring deposit account, we can use the formula for the maturity value of such deposits. However, the actual formula for recurring deposits involves complex variables such as the interest on each deposit that can be compounded monthly.
Since an exact formula is not provided, we will simplify our approach by assuming that the total interest earned is the additional amount received at maturity over the total deposits made.
Mr. Jacob has deposited Rs.1500 per month for two years, which totals up to Rs.1500 × 24 months = Rs.36000. The maturity amount is Rs.37875 which implies that the interest earned is Rs.37875 - Rs.36000 = Rs.1875.
The interest rate can be estimated by finding out what percentage Rs.1875 is of the total amount deposited (Rs.36000). However, without the specific formula for recurring deposits, we would not be able to provide an exact interest rate calculation. Typically, banks provide the formula or the rate, and depositors do not have to calculate it themselves.