Question

Mohan opened a Recurring deposit Account in a bank for five year and deposite 100 RS every month. If the rate of interest 6% per annum them how much money will he get after 5 years.

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Answer 1

Amount of money will he get after 5 yrs = {(rs 1200×6×5)÷100 } + Rs 1200 = 360+1200 = rs 1560

Answer 2

$\sf\fbox\red{Answer:-}$

Interest = Rs 1200

Period(n) = 2 years = 24 months

Rate(r) = 6% p.a

Let monthly deposit = ₹P p.m.

∴ Interest

$= \frac{p \times n(n + 1)}{2 \times 12} \times \frac{r}{100}$

$1200 = \frac{p \times 24 \times 24}{ 24} \times \frac{6}{100}$

$⇒1200 = \frac{6}{4} p \\ ∴ P = \frac{1200x5}{6}$

=800

∴ Monthly deposit = ₹800

and maturity value = P x n + Interest

= ₹800 x 24 + ₹1200

= ₹19200 + ₹1200

= ₹20400.