Question

7. Amit deposited 150 per month in a bank for
8 months under the Recurring Deposit Scheme.
What will be the maturity value of his deposits,
if the rate of interest is 8% per annum and interest is calculated at the end of every month?
​

Answer 1

AMOUNT DEPOSITED BY AMIT = ₹150

TIME = 8 MONTHS

RATE OF INTEREST=8%

INTEREST=P*n(n+1)/2*12*r/100

=150*8(8+1)/2*12*8/100

=150*8*9/2*12*8/100

=1200*9/24*8/100

=10800/24*8/100

=108/24*8

=108/3

=36

MATURITY VALUE= P*n+I

=150*8+36

=1200+36

=1236

ANSWER IS ₹1236

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Answer 2

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