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