Question

kiran deposited Rs 200 per month for 36 months in a bank's recurring deposit account.if the bank pays interest at the rate of 11 % per annum,find the amount she gets on maturity.​

Answer 1

Answer:

Step-by-step explanation:

here you go

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Answer 2

given that

Amount deposited by Kiran = ₹ 200

Rate of interest = 11% p.a.

Period (x) = 36 months

So the amount deposited in 36 months = 200 × 36 = ₹ 7200

We know that

Total principal for one month = 200 × [x (x + 1)]/ 2

Substituting the value of x

= 200 × (36 × 37)/ 2

By further calculation

= ₹ 133200

Interest = PRT/ 100

Substituting the values

= (133200 × 11 × 1)/ (100 × 12)

So we get

= ₹ 1221

So the amount of maturity = P × x + SI

= 7200 + 1221

= ₹ 8421