Mr Gupta deposited a certain rupee for every month in a bank for 2 years 3 months under recurring deposit scheme. if the maturity value is three times the deposited value. find the rate of percent per annum.
Its urgent..I hv my test
Answers
Answered by
1
Answer:
Question 1
Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits 600 per month for 20 months. Calculate the maturity value of this account, if the bank pays interest at the rate of 10% per annum.
Solution 1
Installment per month(P) = Rs. 600
Number of months(n) = 20
Rate of interest (r) = 10% p.a.
The amount that Manish will get at the time of maturity
=Rs (600 x 20)+ Rs 1,050
=Rs 12,000+ Rs 1,050
= Rs 13,050 Ans.
Similar questions