Question

kiran deposited rs 200 per month for36 months in a bank's recurring deposit account . if the bank pays the interest at the rate of 11% per annum , find the amount she gets on maturity ? solve the sum and give it's picture

Answer 1

P=200₹
n=36 months
R=11%
MV=Pn +Pn(n+1)/2400
=200*36 + 200*36(37)*11/2400
=200*36 + 33 * 37
=7200+1221
=8421₹

Answer 2

Given :

The amount deposited per month = p = Rs 200

Time period for deposition = n = 36 months

The rate of interest = r = 11% per annum,

To Find :

The Amount received on maturity

Solution :

Maturity value = principal × n + principal × $\dfrac{n (n + 1)}{24}$ × rate %

Or,  M V =  Rs 200 × 36 + Rs 200 × $\dfrac{36 (36 + 1)}{24}$ × 11%

Or,   M V =  Rs 7200 + Rs 200 × $\dfrac{36 (37)}{24}$ ×  0.11

or, M V =  Rs 7200 + Rs 200 × 55.5 ×  0.11

or, M V =  Rs 7200 + Rs 1221

∴   Maturity value = Rs 8421

Hence, The Amount that Kiran received on maturity is Rs 8421  . Answer