Question

Mr Rajendra has a recurring deposit in a bank for 3 years at 9% per annum interest if he gets Rupees 3996 as interest at the time of maturity find the maturity installment

Answer 1

Formula:I=

$\frac{p \times r \times t}{100}$

According to this formula,

The value of,

I=Rs.3996

r=9%

t=3years=3×12=36months and

p=x

Put the all values in the formula,

I=

$\frac{p \times r \times t}{100}$

3996=

$\frac{x \times 9 \times 36}{100}$

x=

$\frac{3996 \times 100}{9 \times 36}$

x=

$\frac{111 \times 100}{9}$

x=

$\frac{11100}{9}$

x=1233.33

Hence, the value of maturity installment is Rs.1233.3