Question

a man deposit rupees 600 per month in bank for 12 months under the requiring deposit scheme what will we 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

Answer:

Rs312

Step-by-step explanation:

P=Money deposited per month=Rs600

n=number of months for which the money is deposited=12 months

r=simple interest rate percent per annum=8

using the formula: I=P×n(n+1)/2×12×r/100 we get

I(interest)= Rs(600×12(12+1)/2×12×8/100)

I(interest) =Rs312 (Answer)