Question

Mrs Goswami deposits 1000 rupees every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value

Answer 1

Answer:

The matured value after 3 years of deposit is Rs 40440 .

Step-by-step explanation:

The deposited amount per month = P=  Rs 1000

The time period for deposition = T = 3 years = 12 × 3 = 36 months

The rate of interest = R = 8%

To Find :

The matured value

Solution :

∵ Interest = Principal ×  ×                where n = number of month

So, Interest = P ×  ×  

Or,               = Rs 1000 ×  ×  

Or,              = Rs 1000 ×  ×  

Or,              = Rs 4440

So, Interest = Rs 4440

Now,

Maturity value = money deposit × number of months + Interest

                       = Rs 1000 × 36 + Rs 4440

                       = Rs 36000 + Rs 4440

                      = Rs 40440

Hence, The matured value after 3 years of deposit is Rs 40440  . Answer

Answer 2

Given:

Amount deposited by Mrs. Goswami = ₹ 1000

Rate of interest = 8% p.a.

Period (x) = 3 years = 36 months

We know that:

Total principal for one month = 1000 × [x (x + 1)]/ 2

Substituting the value of x

= 1000 × (36 × 37)/ 2

By further calculation:

= ₹ 666000

Interest = PRT/ 100

Substituting the values

= (666000 × 8 × 1)/ (100 × 12)

So we get:

= ₹ 4440

So the amount of maturity = P × x + SI

= 1000 × 36 + 4440

= 36000 + 4440

= ₹ 40440 Ans