Question

2. Mrs. Mathew opened a Recurring Deposit
Account in a certain bank and deposited * 640
per month for 4%2 years. Find the maturity
value of this account, if the bank pays interest
at the rate of 12% per year.​

Answer 1

Installment per month(P) = Rs 640

Number of months(n) = 4.5 × 12 = 54

Rate of interest(r)= 12% p.a.

The amount that Manish will get at the time of maturity

=Rs (640 x 54)+ Rs 9,504

=Rs 34,560+ Rs 9,504

= Rs 44,064

Step-by-step explanation:

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