mr.rajiv anand has opened a recurring deposit account of rupees 400 per month for 20 months in a bank.find amount he will get at the time of maturity,if the rate of interest is 8.5%p.a.,and if the interest is calculated at the end each month.
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Answered by
50
Answer:
Ans is MV = 8595
Step-by-step explanation:
Given,P=400 ,n=20 months ,r=8.5% or 85/10%
I=P *{n(n+1)/2*12}*r/100
=400*{20(20+1)/2*12}*85/10*100
=595
MV=P*n + I
=400*20 + 595
=8000 + 595
=8595
Hope it will help you
Answered by
5
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