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Deepak Bora
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Asked: 2020-07-14T11:38:05+05:30 In:

Mrs. Goswami deposits Rs.1000 every month in a recurring deposit account for 3 years at 8 % interest per annum . Find the matured value.

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Banking -Ex 2

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    1. Newbie

      Matured value = P x n +I

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

      I = 1000 x (36×37)/24 x (8/100)

      I = 1000 x (1332)/24 x 0.08

      I = 1000 x 55.5 x 0.08

      I = Rs.4440

      M.V = P x n +I

      M.V = 1000 x 36 +4440

      M.V = Rs.40440

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