Question

1. Mr Sanju deposits 3000 per month in a cumulative bank account for five years at the rate of 11% per annum. Find the amount he will receive at the time of maturity. ​

Answer 1

Step-by-step explanation:

$\large { \underline \mathfrak \red{Question \: \mapsto}}$

➡ Mr Sanju deposits 3000 per month in a cumulative bank account for five years at the rate of 11% per annum. Find the amount he will receive at the time of maturity.

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$\large \underline \bold \red{Answer \: \mapsto}$

★ Given :-

• Principal = ₹ 3000
• Rate of interest = 11 % P.A
• Time = 1 Year

★ To Find :-

• The Amount of Maturity Value.

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$\large{ \underline \mathfrak\pink{Solution \: \rightarrow}}$

$\large \bold{ S.I = \frac{P×R×T}{100} } \\ \\ \large \bold{ \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: = \frac{3000 \times 11 \times 1}{100} } \\ \\ \large \bold \orange{ \Longrightarrow330}$

★ Since,

• The Simple lnterest is = ₹ 330

★ Now,

• Amount, he will receive after maturity :-

$\large \rightarrow \bold{S.I + P} \\ \\ ⠀⠀⠀⠀⠀⠀\large \bold { = ₹ \: 330 +₹ \: 3000 } \\ \\ \large \bold \Longrightarrow\orange{₹ \: 3300}$

★ Therefore,

• The Maturity Value = ₹ 3300

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