Question

b) Amit deposited Rs 150 per month on a bank for 8 months under the recurring
deposit scheme. What will be the maturity value of his deposits? If the rate of
interest is calculated at the end of every month.
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Answer 1

$\sf{\underline{\underline{\large{\bold{Correct \: Question}}}}}$

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• Amit deposited Rs. 150 per month in a bank for 8 months under the recurring deposit scheme . what will be the maturity value of his deposits , if the rate of interest is 8% per annum and interest is calculated at the end of every month

$\sf{\bold{\green{\underline{\underline{Given}}}}}$

• Principle = Rs. 150
• Time = 8months
• rate = 8%

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$\sf{\bold{\green{\underline{\underline{To\:Find}}}}}$

• Maturity value = ??

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$\sf{\bold{\green{\underline{\underline{Solution}}}}}$

$\sf{\red{\boxed{\bold{ Interest = p\times \dfrac{n(n+1)}{2\times 12}\times\dfrac{r}{100} }}}}$

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$\sf :\implies \:{\bold{Interest = 150 \times \dfrac{8 (8+1)}{2\times 12}\times\dfrac{8}{100}}}$

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$\sf :\implies \:{\bold{Interest = 150 \times \dfrac{8 \times 9}{2\times 12}\times\dfrac{8}{100}}}$

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$\sf :\implies \:{\bold{Interest = 150 \times \dfrac{4 \times 9}{ 12}\times\dfrac{8}{100}}}$

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$\sf :\implies \:{\bold{Interest = 150 \times \dfrac{ 9 }{3}\times\dfrac{8}{100}}}$

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$\sf :\implies \:{\bold{Interest = 150 \times 3 \times\dfrac{8}{100}}}$

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$\sf :\implies \:{\bold{Interest = 15 \times 3 \times\dfrac{8}{10}}}$

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$\sf :\implies \:{\bold{Interest = 3 \times 3 \times\dfrac{8}{2}}}$

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$\sf :\implies \:{\bold{Interest = 3 \times 3 \times 4 }}$

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$\sf :\implies \:{\bold{Interest = 9 \times 4 }}$

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$\sf :\implies \:{\bold{Interest = Rs. 36}}$

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$\sf{\red{\boxed{\bold{Total\: sum \: deposited = P\times T}}}}$

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$\sf :\implies \:{\bold{TSD = 150 \times 8}}$

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$\sf :\implies \:{\bold{TSD = Rs. 1200}}$

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$\sf{\red{\boxed{\bold{ Maturity \: value = TSD + interest }}}}$

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$\sf :\implies \:{\bold{ Maturity \: value = 1200+ 36}}$

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$\sf :\implies \:{\bold{ Maturity \: value = Rs. 1236}}$

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$\sf{\bold{\green{\underline{\underline{Answer}}}}}$

• Maturity value = Rs. 1236