Question

A man deposits rupee 600 per month in a bank for 12 months under the recurring Deposit Scheme .What will be the maturity value of his deposits if the rate of interest is 8%p.a. and interest is calculated at the end of every month.

Answer 1

Answer:

p= ₹600

n= 12 months

rate=8%

A.D= p*n

=600*12

= 7200

Interest= (p*n(n+1)*r)/2400

=(600*12*13*8)/2400

=₹312

Maturity Value= A.D+I

=7200+312

=7512

So M.V=₹ 7512

Answer 2

here is your answer

hope it will help you