Question

If Mohan opened a recurring deposit account in a bank and deposited ₹ 800 per month for 1.5 years , then the total money deposited in account is    ​

Answer 1

Answer:

Step-by-step explanation:

Maturity Value = 15084

Number of Months (n) = 18

Amount deposited each month = 800

Rate of Interest (r) = ? (unknown)

We have to find the rate of interest.

Consider the following formula :-

Maturity Value = Pn + Pnr * (n+1) / 2400

Now substitute the known values.

15084 = 800 * 18 + 800 * 18 * r * (18+1) / 2400

15084 = 14400 + 273600r / 2400

15084 = 14400 + 114r

114r = 15084 - 14400

114r = 684

r = 684 / 114

r = 6%

∴ Rate of Interest = 6%

Answer 2

Answer:

Installment per month(P) = Rs. 600

Number of months(n) = 20

Rate of interest (r) = 10% p.a.

The amount that Manish will get at the time of maturity

=Rs (600 x 20)+ Rs 1,050

=Rs 12,000+ Rs 1,050

= Rs 13,050 Ans.

Step-by-step explanation:

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