Question

Mr. Sharma deposited ₹600 every month in a cumulative deposit account for 2 years. If the bank pays interest at the rate of 7% per annum, then the amount he gets on maturity is

Answer 1

Answer:

Rs.15450

Step-by-step explanation:

P=600

n=2x12 = 24

r=7%

$MV = Pn + \frac{Pn(n+1)r}{12 * 2 *100}$

= 14400+1050

= Rs.15450