Question

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

Answer 1

Formula of Simple Interest = P×N×R÷100
=1000×3×8÷100
=240.

Answer 2

Matured value means simple interest.
so,SI=
$si = p \times n \times r \div 100 \\ = 1000 \times 3 \times 8 \div 100 \\ = 10 \times 3 \times 8 \\ = 30 \times 8 \\ = 240 \\ \\ therefore matured \: value \: = 240$
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