Question

Anil deposit rupees 300 pee month in a recurring deposit account for 2 years. If the rate of interest is 10% per year calculate the amount that anil will recieve at the end of 2 years i.e at the time of maturity.

Answer 1

Answer:

10,080

Step-by-step explanation:

Principal=7200

Time 2years

Per annum is 20%

SI=P×R×T/100

7200×2×20/100

=2880

Amount=SI+P

7200+2880=10,080

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Answer 2

Step-by-step explanation:

p = 300

n=2×12=24

r= 10%

S.I =P×n(n+1)×r/2400

= 300×24×25×10/2400

= RS 750

A.D= 300 × 24

=RS 7200

M.V = 7200 + 750

= 7950.