Question

1. (a) Mr Das deposits 300 per month in a recurring deposit account for 2 years at a simple interest
rate of 7% per annum.
() Find the maturity value of the deposit.
(ii) Find the total interest he will earn after 2 years.
donosit scheme for 3 years at a simple​

Answer 1

Answer:

i) MV = P x n+ Pxn (n+1)/2 x 12

= 300x24+300x24 (24+1)/24

= 7200+ 7200 x 25/24

= 7200 +300x25

= 7200 + 7500

= 14700