Mr. Ashok opens a recurring deposit and deposits ₹4500 every month for 3 years at 6 percent per annum, calculate:
1.interest he receives on the maturity of the account.
2.the maturity value of his account.
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Step-by-step explanation:
interest = principle × n×(n+1)× r/2×12×100
=4500×36×(36+1)×6/2×12×100
=14985
mv = principle × time + interest
=4500×36+14985=176985
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