Question

Jayanta deposits Rs 1000 on the first day of every month in a monthly savings
scheme. In the bank, if the rate of simple interest is 5% per annum, then let us calculate the
amount Jayanta will get at the end of 6 months.​

Answer 1

Step-by-step explanation:

this is a Recurring Deposit

p = 1000, r = 5%, n = 6 months

to find A

formula used A = [p × n × (n+1)×r] ÷ 12×100 × 2

I = (1000 × 6 × 7 × 5) / 12 × 100 × 2

I = (10 × 6 × 7 × 5) / 12 × 2

I = (5 × 7 × 5)/2

I = Rs 87.50

therefore maturity value MV = p × n + I

=> 1000 × 6 + 87.50

=> 6087.50