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Deepak Bora
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Asked: 2020-07-14T11:44:11+05:30 In:

Kiran deposited Rs.200 per month for 36 months in a bank’s recurring deposit account . if the bank pays interest at the rate of 11% p.a , find the amount she gets on maturity

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      I = P x (n(n+1))/24 x (r/100)

      I = P x (n(n+1))/24 x (r/100)

      I = 200 x (36(37))/24 x (11/100)

      I = 200 x (1332)/24 x (0.11)

      I = 200 x 55.5 x 0.11

      I = Rs.1221

      M.V = 200 x 36 +1221

      M.V = Rs.8421

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