Question

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

Answer 1

P = 36 (36 + 1)/2 × 1000

Interest = 36 × 37 × 1000 × 8/2 × 12 × 100

= 12 × 37 × 10 = 4440

Matured value = 36000 + 4440

= ₹ 40440.

3

Answer 2

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