Question

I can mark you as barinliest. Please solve as soon as Possible

Karim deposits Rs.150 every month for 2 years in his recurring deposit account in State Bank of India. If the rate of interest is 5% per annum then how much money will be paid to Karim by the bank after 2 years?

Answer 1

P = 150, T = 2 years = 24 months, R = 5%

Now, we have the formula :-

$\frac{p \times r}{100} \times \frac{1}{12} ( \frac{n(n + 1)}{2} ) \\ \\ (n = no. \: of \: months) \\ \\ = > \frac{150 \times 5}{100} \times \frac{1}{12} \: ( \frac{24 \: (24 + 1)}{2} ) \\ \\ = > \frac{150 \times 5}{100} \times \frac{1}{12} \: ( \frac{24 \times 25}{2} ) \\ \\ = > \frac{150 \times5 }{100} \times \frac{1}{12} \times \frac{24 \times 25}{2} \\ \\ = > \frac{150 \times 5 \times 1 \times 24 \times 25}{100 \times 12 \times 2} = 187.5 \\ \\ now \: we \: have \: interest = rs. \: 187.5 \\ \\ amount = p \times n + i \\ = > 150 \times 24 + 187.5 = 3787.5$

So, Karim will get ₹ 3787.50

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