Question

Mahima has a recurring deposit account in a bank for 3 years at 8% p.a. If she gets
3,996 as interest at the time of maturity of the scheme, find :
(i) the monthly instalment.
(ii) the maturity amount.

Answer 1

Step-by-step explanation:

$wkt \\ i = p \times \frac{n(n + 1)}{2 \times 12} \times \frac{r}{100} \\ \\ 3996 = p \times \frac{36(36 + 1)}{2 \times 12} \times \frac{8}{100} \\ 3996 = p \times \frac{36 \times 37}{12 \times 2} \times \frac{8}{100} \\ \frac{3996 \times 100}{37 \times 12} = p \\ p = \frac{18 \times 100}{12} \\ p = 150$

So monthly installment is RS 150

$wkt \\ matured \: amt \: = p \times n + i \\ mv \: a = 150 \times 36 + 3996 \\ mva = 5400 + 3996 \\ mva = 9369$

So matured amt is Rs 9369

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