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?
Answers
Answered by
5
Interest = Rs 1200
Period(n) = 2 years = 24 months
Rate(r) = 6% p.a
Let monthly deposit = ₹P p.m.
∴ Interest
=
Pnn
r
P×n(n+1)2×12×r100
1200 =
P
P×24×2524×6100
⇒ 1200 =
p64p
∴ P =
1200×46 = 800
Answered by
3
(i) P = Rs. 1200,
n = 2 x 12 = 24 months,
r = 6%
∴ Amount of maturity = Total sum deposited + Interest on it
= Rs. 19200 + Rs. 1200
= Rs 20400
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