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
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Picture !!! Not so necessary
I will solve here only and clearly
We know the formula for reoccurring deposit
That is
Maturity value ( m.i) = p × x + p × x × (x +1 )/ 2 ×12 × rate percent
NOTE WE TAKE TIME IN MONTHS
Therfore
M.i = 200 ×36 + 200 × 36 × 37 / 24 × 11 / 100
= 7200 + 1221
= 8421
Answer = 8421
Hope it helps plz mark brainliest
Thank u ★ ★ ★
#ckc
I will solve here only and clearly
We know the formula for reoccurring deposit
That is
Maturity value ( m.i) = p × x + p × x × (x +1 )/ 2 ×12 × rate percent
NOTE WE TAKE TIME IN MONTHS
Therfore
M.i = 200 ×36 + 200 × 36 × 37 / 24 × 11 / 100
= 7200 + 1221
= 8421
Answer = 8421
Hope it helps plz mark brainliest
Thank u ★ ★ ★
#ckc
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