Question

At the beginning of every month, a man goes on depositing Rs 1000 in a monthly deposit scheme. If the rate of simple interest be 5% per annum, What amount will he get at the end of 6 months?​

Answer 1

Rs. 40,440

P=1000

T=3 years

n=12×T

=12×3=36

R=8%

M.V=Pn+

2×12

P×n(n+1)

×

100

R

=(1000×36)+

24

1000×36×37

×

100

8

=3600+4440

=40,440

Hence Matured value =Rs.40440