mahavir deposited rs 250 per month for 8 month under R.D.A.what will be the maturity value if the rate of interest is 8% per annum?
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Answer:
The answer is: 2060
Step-by-step explanation:
Deposit per Month= 250
Number of Months= 8
Rate of Interest per Annum= 8% p.a
therefore,
= 250*(8(8+1)/24)*(8/100)
= 250*(72/24)*(0.08)
= 250*(3)*(0.08)
= 60
The value that Mahavir will get :
=(250x8)+60
=2000+60
=2060 Answer.
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