Question

Mohan deposited Rs.100 in the bank. Recurring deposit account opened for 5 years @ per month. If the rate of interest is 5% per annum, what amount will he get after five years? answer quickly​

Answer 1

$\large\underline{\sf{Solution-}}$

Given that,

• Amount deposited per month, P = Rs 100

• Rate of interest, r = 5 % per annum

• Time period = 5 years

So,

• Number of instâllments, n = 12 × 5 = 60

We know,

Maturity Value (MV) received on a certain sum of money of Rs P deposited every month at the rate of r % per annum for n months is given by

$\bold{{\boxed{\text{MV} = \text{nP} + \text{P} \times \dfrac{ \text{n(n + 1)}}{24} \times \dfrac{ \text{r}}{100} }}}$

So, on substituting the values of n, P and r, we get

$\rm \: \text{MV} = {60\times 100} + 100 \times \dfrac{ \text{60(60 + 1)}}{24} \times \dfrac{ \text{5}}{100}$

$\rm \: \text{MV} = 6000 + \dfrac{{5 \times \: 61}}{2} \times 5$

$\rm \: \text{MV} = 6000 + 762.50$

$\rm\implies \:\rm \: \text{MV} \: = \: Rs \: 6762.50$

Hence, Amount received after 5 years is Rs 6762.50

$\rule{190pt}{2pt}$

Additional Information :-

Interest (I) received on a certain sum of money of Rs P deposited every month at the rate of r % per annum for n months is given by

$\bold{ \red{\boxed{\text{I} = \text{P} \times \dfrac{ \text{n(n + 1)}}{2 \times 12} \times \dfrac{ \text{r}}{100} }}}$

Answer 2

Answer:

₹ 6300

Mohan will get ₹6,300 after 5 years

Step-by-step explanation:

One month deposit = Rs. 100

12 month deposit = 100 × 12

= 1200

5 % interest per annum = 5% of 1200

= 5/100 × 1200

= 1260

amount after 5 years = 1260 × 5

= Rs. 6300

Mohan will get ₹6,300 after 5 years.