Question

mr richard has a recurring deposit account in a for 3 years at a 7.5 p.a. simple interest.if he gets rs 8325 as interest at the time of maturity find 1) the monthly deposit 2) the maturity value

Answer 1

time(n):3 yrs i.e 3×12=36 months
interest:8325
r=7.5 %
ATP:
interest= p×n(n+1)÷2×12×r÷100
=8325=p×36×37÷2×12×7.5÷100
=8325=p×3×37÷2 ×0.075
=8325=p×55.5×0.075
=8325=p×4.1625
= Hence,p=8325÷4.1625=rs.2000
Now,mat.value=p×n+i
= Rs.2000×36+8325
=Rs.15525

Answer 2

Step-by-step explanation:

I have attached photo above stating step by step

Hope you understand

Thank you