Question

Mr Richard has a recurring deposit account in a bank for 3 yrs at 7.5% per annum simple interest. If he gets ₹8325 as interest at the time of maturity,

find; 1 the monthly deposit 2. the maturity value​

Answer 1

Step-by-step explanation:

1. the monthly deposit

=RS. 2000

2. the maturity value

=RS. 80325

Answer 2

Answer:

Formulas inserted:

$p \times n(n + 1) \div 2 \times 12 \times r \div 100$

• to calculate principle
• $p \times n$
• to calculate monthly installment
• $monthy \: installment + intrest$
• to calculate maturity value

Hope it helps you ☺️☺️