A man deposits 500 at the end of every month in a bank for 3 years. If the rate of
interest is 12 % p.a. find the amount he will get at the end of 3 years.
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Answer:
P = Rs500
n = 3years = 12*3 = 36 months
r = 12%
S.I = p*n*(n+1)/2*12*r/100
S.I = 500*36*(36+1)/2*12*12/100
S.I = 500*36*37/24*12/100
S.I = 18000*37/24*12/100
S.I = 27750*12/100
S.I = 3330
AMOUNT RECEIVED BY THE MAN AT THE END OF THREE YEARS IS 3330.
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