Atiksh deposits ₹ 80 per month in a cumulative deposit account for 6 years . Find the amount
payable to him on maturity , if the rate of interest is 6 % p.a.
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Answer:
Let the monthly installment be P
Given, monthly installment Rs.=80, r=6%, n=6×12=72
We know, Interest =
2400
Pn(n+1r)
=
2400
80×72×73×6
=
5
5256
Required amount =Pn+52565
=80×72+
5
5256
=28800+
5
5256
=6811.20
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