Question

If rama pays Rs. 1,000 at the beginning of every month in a post office recurring deposit for 5 years. If the rate of interest is 7%. What is the amount Rama gets at the end of five years? A) Rs. 62,675 B) Rs. 72,675 C) Rs. 10,675 D) Rs. 70,675

Answer 1

Answer:

None of the options, he gets Rs. 64200

Step-by-step explanation:

the formula for interest is I = (PxTxR)/100

I is interest

P is principal

T is time

R is rate

he deposited 12000 every year. so by 5 years, he deposited 60,00

I = (12000 x 5 x 7)/100

I = 420000/100

I = 4200

4200+60000= 64200

Answer 2

Answer:

70675

Step-by-step explanation:

p=1000

n=5*12=60

pn=60,000

R=7/100

T=1/12(n(n+1)/2) years

T=305/2

simple interest=P*R*T

SI=1000*7/100*305/2

SI=10675

Amount=Pn+SI

A=60,000+10675

A=70,675