A person deposits 600 on the first day of every month, starting from january in a bank. If the rate of interest is 6% annual, then after 6 months, the total deposit of his account
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P= Rs 600
r=6%
n=6 months
I=P×n(n+1)×r / 2×12×100
=Rs 600×6(6+1)×6 / 2×12×100
=Rs 600×6×7×6 / 2×12×100
=Rs 3×7×3
=Rs 9×7
=Rs 63
Maturity Value=P×n+I
=Rs 600×6+Rs 63
=Rs 3663
r=6%
n=6 months
I=P×n(n+1)×r / 2×12×100
=Rs 600×6(6+1)×6 / 2×12×100
=Rs 600×6×7×6 / 2×12×100
=Rs 3×7×3
=Rs 9×7
=Rs 63
Maturity Value=P×n+I
=Rs 600×6+Rs 63
=Rs 3663
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