Question

Manish opens a recurring deposit account with the bank of rajasthan and deposits rupees 600 per month for 20 months. Calculate the maturity value of this account, if the bank pays interest at the rate of 10% per annum.

Answer 1

• answer 13050
• I have answered your question

Answer 2

P=Rs 600

n=20 months

r=10%

M.V.=?

I=P×n(n+1)/2×12×r/100

=600×20(21)/24×10/100

I= Rs1050

M.V.=Pn+I

600×20+1050

1200+1050

M.V.= Rs13050