4) Vashim opened a recurring deperosite account in punjab National bank. He deposits Rs. 200 per month for 5 years. If rate of Interest is 6% per annum the amount he will receive at the time of maturity.
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p =200
n= 5years = 5×12 months = 60 months
pn = 200×12 ×5 = 12000
maturity period =N = 1/12 * n*(n+1)/2 years
= 1/12 *60*61/2 =305/2
maturity amount = pn+ pNr
=12000 +(12000 ×305/2 ×0.06)
= 13830/-
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