Question

Each of a and b opened a recurring deposit account in a bank if a deposit Rs 1200 per month for 3 years and b deposited Rs 1500 per month for 5/2 years find on maturity who will get more amount and by how much? The rate of interest paid by the bank is 10%per month ​

Answer 1

Answer:

A :                                          

P =  Rs. 1200                          

n = 36  

R = 10 %                                      

I = 1200 * 10 * 36 * 37 / 100 * 2 * 12

I = Rs. 6600

Mv = I + P * n

Mv = 6600 + 1200 * 36

Mv = 43200 + 6600

Mv = Rs. 49800

B :

P =  Rs. 1500    

n = 5 / 2

R = 10 %

I = 1500 * 10 * 5  * 7 / 2 * 2 * 100 * 12 * 2

I =  54.68

Mv = I + P * n

Mv = 54.68 + 1500 * 5 / 2

Mv = 54.68 + 750 * 5

Mv = 54.68 + 3750

Mv = Rs. 3804.68

A receives more maturity value by 46995.32

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Answer 2

Answer:

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Step-by-step explanation:

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