Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits Rs 600 per month for 20 months. Calculate the maturity value of ts account, if the bank pays interest at the rate of the 10% per annum.
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Answer:
=13050
Step-by-step explanations:
P = ₹600
Time (n) = 20months
R = 10% p.a
Interest = 600× [ 20(20+1) ÷12×2] × 10÷100
= 50×21
= ₹1050 ------ans
MV. = P×n+I
= 600×20+1050
= 12000+1050
= ₹13,050--------ans
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