Question

[ICSE 2007]
4. Saloni deposited 150 per month in a bank for 8 months under the recurring scheme. Find the maturity value, if the rate of interest is 8% p. a. and the interest is calculated at the end of every month.​

Answer 1

Answer:

1264

Step-by-step explanation:

deposited total rupees 150*8 = 1200

P = 1200, R = 8percent T = 8mon = 8/12year

SI = prt/100 = 1200*8/12*8/100 = 64

maturity = p+si = 1200+64 = 1264

Answer 2

Answer:

given, P = Rs150 , n = 8, r = 8%

to find MV =?

Formula used I = [P×n×(n+1)×r] ÷ 2×12×100

I = [150×8×9×8]÷2×12×100

=> Rs 36

MV = (P×n) + I

= (150×8)+36

= Rs 1,236 Answer