Ishan deposits rupees 800 per month and recurring deposit account for 1 year at 5% per annum .find the amount he will receive at the time of maturity
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Explanation:
Given Ishan deposits rupees 800 per month and recurring deposit account for 1 year at 5% per annum .find the amount he will receive at the time of maturity
- So Ishan deposits Rs 800 / month
- So time n = 1 year = 12 months
- So total amount deposited will be 12 x 800
- = Rs 9600
- So I = P x n(n + 1) / 2 x 12 x r/100
- = 9600 x 12 (!2 + 1) / 2 x 12 x 5 / 100
- = 48 x 65
- I = 3120
- So maturity amount will be P + I = 9600 + 3120
- = Rs 12,720
Reference link will be
https://brainly.in/question/36230143
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