Question

5. Mrs.Bedi deposits Rs.3000 per month in a recurring deposit account for
3 years at 4% p.a interest. The maturity value is:
(A) Rs.6,660 (B) Rs.1,14,660 (C)Rs. 1,15,660 (D) Rs.1,18,560​

Answer 1

Answer:

The answer is option B

Step-by-step explanation:

P=300

T=3 years

n=12×T

=12×3=36

R=4%

M.V=Pn+ P×n(n+1) x R

​                 2 x 12      100

=(3000×36)+  3000×36×37 x 4

​                                24          100

=108000 + 6660

=114660

Hence Matured value =Rs.114660

Answer 2

Step-by-step explanation:

P = Rs. 3000

n = 3 years = 36 months

r = 4%

S.I = P n (n + 1) r/2400 => Rs. 3000 × 36 × 37 × 4/2400 = Rs 6660

Therefore Maturity value = Rs. 3000 × 36 + Rs. 6660 = Rs. 108000 + Rs. 6660 = Rs. 114660 (B)