Question

Mr. Dhruv deposits Rs 600 per month in a recurring deposit account for 5 years at the rate of 10% per annum (simple interest). Find the amount he will receive at the time of maturity.​

Answer 1

Solution:

• Deposit Per Month= ₹600
• Rate of interest = 10% per annum
• period(n)= 5 year 60 Month
• Total principal for one month

$\sf ₹600 \times \frac{n(n + 1)}{2} = ₹600 \times \frac{60(60 + 1)}{2} \\ \sf \implies₹ \frac{600 \times 60 \times 61}{2} \\ \implies₹1098000 \\ \sf \green{INTEREST= \frac{P×R×T}{100} } \\ = \frac{1068000 \times 10 \times 1}{100 \times 12} \\ = ₹9150 \\ \sf Amount \: Of \: Maturity \\ = ₹600 \times 60 + ₹9150 \\ = ₹36000 + ₹9150 + = ₹45150 \\ \sf \ \blue{Hence, \: the \: Answer \: is \: 45150}$

Answer 2

given that

Amount deposited by Mr. Dhruv = ₹ 600

Rate of interest = 10% p.a.

Period (n) = 5 years = 60 months

We know that

Total principal for one month = 600 × n (n + 1)/ 2

Substituting the value of n

= 600 × (60 × 61)/ 2

So we get

= ₹ 1098000

Here Interest = PRT/ 100

Substituting the values

= (1098000 × 10 × 1)/ (100 × 12)

= ₹ 9150

So the amount of maturity = 600 × 60 + 9150

= 36000 + 9150

= ₹ 45150