2. Rubi deposits 250 per month in a post office
recurring deposit account for 3 years. What
amount will she get on maturity if the rate of
interest is 7.5% p.a.?
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Answer:
Total deposit = 250x36 = 9000
progressive sum=250+500+750+...
S36=36/2{2x250+ (36-1) 250}
= 72 {500+35x250}
= 72{500+ 8750}
= 72x9250=666000
I=666000X7.5/12xl00
= 4162.50
Rubi will get=9000+4163=Rs 13163
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