Question

Mohan deposited Rs. 80 per month in a cumulative deposit account for six years. If the rate of interest is 6% per annum, then the amount payable to him on maturity would be......???

Answer 1

Step-by-step explanation:

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Answer 2

Concept introduction:

Maturity is a type of financial term by which we can deposite or withdraw our money after the time periods gets over.

Given:

• It is given that Mohan deposited Rs. $80$ per month in a cumulative deposit account for six years.
• the rate of interest is $6$‰ per annum.

To find:

We have to find the amount payble to him on maturity.

Solution:

We have the principle amount $P=80$.

Rate of interest $n=6$

We have

$A=P(1+r/100)^{n}\\ A=80(1+6/10)^{n}\\ A=80(1.06)^{6} \\A=113.4815$

So, the amount payble to him after maturity is $A=113.4815$(Answer)