Question

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.​

Answer 1

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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