Question

Heya Everyone ❤
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Ajit deposited Rs. 200 per month in a bank for 6 months under the recurring deposit scheme. What will be the maturity value of his deposits, if the rate of interest is 6% p.a. and the interest is calculated at the end of every month?

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Answer 1

Principle = 200 * 6 = 1200 rupees

Time = 1/2 yr.

Rate = 6 % p. a.

A = P (1 + R/100)^T

A = 1200 (106/100)^1/2

A = 120$\sqrt{106}$

A = 120 * 10.29 = 1234.8 Rs.