J. ) Mohem.
.
cumulatione
deposit
amant
mate
deposits 2 80 per month
account love
six years. Find the
Payable
laim on maturity of the
of interest is l. per annum -
ho
7
T
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MATHS
Mohan deposited Rs.80 per month in a cumulative deposit account for six years. Find the amount payable to him on maturity, if the rate of interest is 6% per annum.
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ANSWER
Let the monthly installment be P
Given, monthly installment Rs.=80, r=6%, n=6×12=72
We know, Interest =
2400
Pn(n+1r)
=
2400
80×72×73×6
=
5
5256
Required amount =Pn+52565
=80×72+
5
5256
=28800+
5
5256
=6811.20
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