Arvind deposit rupees 1600 per month in a communitive account for 3 years at the rate of 9% p a simple interest find the amount we will get at the time of maturity
Answers
Given:
Money deposited per month = P =`1600,
Months for which the money is deposited = n = 3 × 12 = 36
Rate = r = 9%
To Find:
Amount to be received after maturity
Solution:
I = P x n ( n+1)/2 x 12 x r/100
Thus,
I = 1600 x 36 x 37/ 2 x 12 x 9/100
= 21312/ 24 x 9
= 191808/24
= 7992
MV = Px n + I
= 1600 x 36 + 7992
= 57600 + 7992
= 65592
Answer: The amount Arvind will get at the time of maturity is Rs. 65592
Answer:
Given:
Money deposited per month = P = 1600,
Months for which the money is deposited = n = 3 x 12 = 36
Rater 9%
To Find:
Amount to be received after maturity
Solution:
I= Px n(n+1)/2 x 12 x r/100
Thus,
1 = 1600 x 36 x 37/ 2 x 12 x 9/100
= 21312/ 24 x 9
= 191808/24
= 7992
MV = Px n + 1
= 1600 x 36 + 7992
= 57600 +7992
= 65592
Answer: The amount Arvind will get at the time of maturity is Rs. 65592