Question

find the maturity value and interest if 15000 is deposited in a bank at 8% compounded monthly for 5 years.​

Answer 1

Step-by-step explanation:

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Answer 2

Answer:

Step-by-step explanation:

p= ? let p be x

r=8%

n=60

t= $\frac{1}{12}$

si=15000

si= $\frac{pn(n+1)}{2}$

=15000= $\frac{x*60*61}{2}$= 1830x

15000=1830x

x=$\frac{15000}{1830}$=613

p=613 rs.

m.v= np+1

=60 x 613 + 15000

= 36780 + 15000

=51,780Rs

maturity value= 51,780