Question

Ajay deposited rupees 200 per month in a bank for 6 months under thing deposit scheme what will be the maturity value office deposits is the rate of interest is 6% per annum and the interest is calculated at the end of every month
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Answer 1

Answer:

P=Rs.200 for n=6 months r=6 % p.a.

MV=200×6(1+

100

6

)

6

=200×6(1+0.06)

6

=1702

Answer 2

Answer:

I=Rs 21

M.V=Rs 1221

Step-by-step explanation:

P=Rs 200

n=6 months

r=6%

I=P×n(n+1)/2×12 ×r/100

=200×6×7×6/2×12×100

I=Rs 21

M.V.= P×n+I

=200×6+21

M.V.=Rs 1221