Banking Ex -2

Deepak BoraNewbie

# Sonia had a recurring deposit account in a bank and deposited Rs.600 per month for 2 and a half years . If the rate of interest was 10% p.a , find the maturity value of this account

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P = 600 , n = 12 x 2.5 , r= 10%

M.V = P x n +I

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

I = 600 xÂ (30 x 31 ) /24 x (r/100)

I = 600 x 38.75 x 0.1

I = Rs.2325

M.V = P x n +I

M.V = 600 x 30 +2325

M.V = Rs.20,325