Question

Mrs goswami deposit 1000every month in a recurring deposit account for 3 years at8percent interest per annul find the matured value

Answer 1

P=1000

T=3 years

n=12×T

=12×3=36

R=8%

M.V=Pn+

2×12

P×n(n+1)

×

100

R

=(1000×36)+

24

1000×36×37

×

100

8

=3600+4440

=40,440

Hence Matured value =Rs.40440

Answer 2

Matured value = 40440 rupees

Hope it helps.....