find the maturity value for RD scheme on monthly deposit of rupees 4000 for 2 years at 12% p.a.
Answers
Step-by-step explanation:
Okay so here we go , first of all find interest
I = P× n (n+1)× r / 2 × 12 × 100
remember that time should be in months only
I = 4000 × 24 ×25 × 12 / 2 × 12 ×100
I = Rupee 1000
and now find the sum deposited = P × n = 4000×24 = Rupee 96000
Maturity value = I + (P × n)
= 1000 + 96000
= Rupee 97000
Hope it helps you!
Given : RD scheme on monthly deposit of rupees 4000 for 2 years at 12% p.a.
To find : Maturity value
Solution:
Monthly Deposit = Rs 4000
Time period = 2 Years = 24 Months
Rate of interest = 12 % per annum = 1 % per months
Total Amount deposited = 4000 x 24 = 96000 Rs
1st deposit will earn interest for 24 months
2nd deposit will earn interest for 23 month
last deposit will earn interest for 1 month
Interest = P * R * T /100
Interest = 4000 * 1 * 24/100 + 4000 * 1 * 23/100 +..................+ 4000 * 1 * 1 /100
=40 ( 24 + 23 + .............................+ 1)
= 40 (24 x 25 ) /2
= 12000 Rs
Maturity value = Deposit + interest
= 96000 + 12000
= Rs 108000
maturity value for RD scheme = Rs 108000
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