Question

manish opens a recurring deposit account with the bank of Rajasthan and deposit 600 rupees per month for 20 months. Calculate the maturity value of the account if the bank pays interest at the rate of 10% per annum​

Answer 1

Answer:

Installment per month (P) =Rs600

Number of months(n) =20

Rate of interest (r) =10%p.a

Therefore, "S. I" ="P" XX("n" ("n" +1))/(2xx 12) xx"r"/100'

='600xx(20(20+1))/(2xx 12)xx 10/100'

=600xx 420/24 xx 10/100=Rs1050

The amount that Manisha will get at the time of maturity.

=Rs(600 xx 20)+ Rs1050

=Rs12000+Rs1050

=Rs13050 Answer

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Answer 2

$\underline{ \underline{{ \huge{ \red{{ \bold{Q}}}}} {\bold{ \gray{UESTION -}}}}}$

Manish Recurring deposit account with the Bank of Rajasthan and deposit ₹600 per month for 20 months. Calculate the maturity value of the account if the bank pays interest at the rate of 10% per annum.

$\underline{ \underline{{ \huge{ \red{ \bold{T}}}} \bold{ \gray{O \: \: \: FIND - }}}}$

Maturity value of the account.

$\underline{ \underline{ { \huge{ \red{ \bold{G}}}} \bold{ \gray{IVEN -}}}}$

Principal (P) = ₹ 600

no. of months (n) = 20

Rate of interest (r) = 10%

$\underline{ \underline{{ \huge{ \red{ \bold{F}}}} \bold{ \gray{ORMULA}} \: \: { \huge{ \red{ \bold{U}}}} \bold{ \gray{SED -}}}}$

$\boxed{ \red{ \sf \: M.V = P × n + \frac{P \times n(n + 1)}{2 \times 12} \times \frac{ r}{100}}}$

where,

P is the principal amount.

n is the number of months.

r is the rate of interest.

$\underline{ \underline{{ \huge{ \red{ \bold{S}}}} \bold{ \gray{OLUTION - }}}}$

$\sf \: M.V = 600 \times 20 + \frac{600 \times 20(20 + 1)}{2 \times 12} \times \frac{10}{100} \\ \\ \sf \implies 12000 + \frac{600 \times 20 \times 21}{2 \times 12} \times \frac{10}{100} \\ \\ \sf \implies 12000 + \frac{ \cancel{6} ^{ \cancel{3}} \cancel{0} \cancel{0} \times \cancel{20} ^{5} \times 21}{ \cancel{2} \times \cancel{12} ^{ \cancel{4}} } \times \frac{10}{1 \cancel{0} \cancel{0}} \\ \\ \sf \implies 12000 + 1050 \\ \\ \boxed{ \purple{\sf \implies \: ₹ \: 13050 \: \: \: ans..}}$

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