Question

calculated at the end of every month
& Shabnam deposited 150 per month in a bank for 2 years under the recurring deposit scheme.
What will be the maturity value of her deposits, if the rate of interest is 7% pa and the interestis
calculated half yearly?​

Answer 1

Answer:

given

p=150€

n=2×12=24 month

r=7%

soln

• a=pxn (n+1)/2x12xr/100
• a=150 x 24 (24+1)/ 2x12x7 / 100
• a=150 x 25 x 7/100
• a=262.5
• sum dispose=p x n= 150x24 = $ 3600
• maturity amount will be: $ 3600+262.5 =