Question

MS Reena Roy deposits rupees 120 every month in a recurring deposit scheme for 24 months. find the total amount she will get at the time of maturity if the rate of interest is 8% per annum

A request: plz give handwritten solution. I will mark the right answer as brainliest​

Answer 1

Answer:

The Amount that Ms Reena Roy get after 2 years of maturity is Rs 3359

Step-by-step explanation:

Given as :

The principal amount deposited ever month = Rs 120

So, principal deposited = Rs 120 × 24 = Rs 2880

Time period of deposition = 24 months = 2 years

The rate of interest per annum = 8 %

Let The Amount after 24 months = Rs A

From Compound Interest method

Amount = principal × $(1+\dfrac{rate}{100})^{time}$

or, A = Rs 2880 × $(1+\dfrac{8}{100})^{2}$

or, A = Rs 2880 × (1.08)²

∴  A = Rs 3359

So, Amount after maturity = A = Rs 3359

Hence, The Amount that Ms Reena Roy get after 2 years of maturity is Rs 3359 . Answer