Question

Amit deposited 800 per month in a Recurring Deposit Account for 1 year at the rate of 10% per annum. Find the amount Amit will get on maturity.​

Answer 1

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Given

P=Rs 150 per month.

r=8% p.a

n=8 month

M.V=Pn+

2×12

P×n(n+1)

×

100

r

=(150×8)+

24

150×(8×9)

×

100

8

=1236

∴ Maturity Value =Rs 1236

Answer 2

Answer:

The amount that Amit will get on maturity is Rs. 10,120

Step-by-step explanation:

Given:

• Amit deposited 800 per month in a Recurring Deposit Account.
• Number of years is 1 years i.e 12 months
• Rate of interest is 10%

To Find: Total amount that Amit will get on maturity.

Solution:

Given that,

Monthly instalment = Rs. 800

Time = 1 year

Calculate the total amount for 12 months.

Total amount deposited = Rs. 800 × 12

                                        = Rs. 9600

Amount deposited for 1 year = Rs.9600

Equivalent principal for 1 month = Monthly instalment × $\frac{n(n+1)}{2}$

                                                 = Rs. 800 × $\frac{12(12 + 1)}{2}$

                                                 = Rs. 400 × 12 × 13

                                                 = Rs. 62400

Principal amount = Rs.62400

Rate of interest = 10%

Time period = 1 year

Calculate the interest

Interest = $\frac{PRT}{100}$

            = $\frac{(62400)(10)(1)}{100}$

           = Rs. 520

Interest amount = Rs.520

Calculate the matured value of Amit.

Matured value = Total amount deposited + Interest

                        = Rs. 9600 + Rs. 520

                        = Rs. 10,120

Final answer:

The amount that Amit will get on maturity is Rs. 10,120

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