EXERCISE 2.1
1.
Ravinder deposited 180 per month in his bank
for 9 months under the Recurring Deposit Scheme.
What will be the maturity value of his deposit, if
the rate of interest is 8% per annum and the interest
is calculated at the end of every month?
Answers
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Step-by-step explanation:
P=Rs 150 per month.
r=8% p.a
n=9 month
M.V=Pn+2×12P×n(n+1)×100r
=(150×9)+24150×(9×9)×1008
=1236
∴ Maturity Value =Rs 1236
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