Question

Mrs. Mathew opened a recurring deposit account in a certain bank and deposited rs.640 per month for 4.5 years. find the maturity value of this account, if the bank pays interest at the rate of 12percent per year

Answer 1

Answer:

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Answer 2

$\underline{ \underline{{ \huge{ \textbf{Q}}} \sf{UESTION -}}}$

Mrs. Mathew opened a Recurring Deposit account in a certain Bank and deposited ₹ 640 per month for 4.5 years. Find the maturity value of this account, if the bank pays interest at the rate of 12% per year.

$\underline{ \underline{{ \huge{ \textbf{G}}} \sf{IVEN -}}}$

• Principal (P) = ₹640
• number of months = 4.5 = 4½ years to months

$\sf \: 4 \frac{1}{2} = \frac{9}{2} \times 12 \: months \\ \\ \sf \implies \: 54 \: months$

• Rate of interest (r) = 12%

$\underline{ \underline{{ \huge{ \textbf{T}}} \sf{O } \: \: \: {{ \huge{ \textbf{F}}} \sf{IND -}}}}$

• Maturity value of the account.

$\underline{ \underline{{ \huge{ \textbf{F}}} \sf{ORMULA } \: \: { \huge{ \textbf{U}}} \sf{ SED -}}}$

$\boxed{ \bold{ \gray{M.V = P \times n + \frac{P \times n(n + 1)}{2 \times 12} \times \frac{r}{100} }}}$

where,

P is the principal.

n is the number of months.

r is the rate of interest.

$\underline{ \underline{{ \huge{ \textbf{S}}} \sf{ OLUTION - } }}$

$\sf \: M.V = 640 \times 54 + \frac{640 \times 54(54 + 1)}{2 \times 12} \times \frac{12}{100} \\ \\ \sf \implies \: \: 34560 + \frac{640 \times 54 \times 55}{2 \times 12} \times \frac{12}{100} \\ \\ \sf \implies \: 34560 + \frac{ \cancel{64} ^{ \cancel{32} ^{16} } \cancel{0} \times 54 \times \cancel {55} ^{11} }{ \cancel{2} \times \cancel{12}} \times \frac{ \cancel{12}}{ \cancel{10} ^{ \cancel{2}} \cancel{0}} \\ \\ \sf \implies \: 34560 + 9504 \\ \\ \boxed{ \purple{ \sf \implies \: ₹ \: 44,064 \: \: \: ans..}}$

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