Question

Mukesh deposited ₹150 per month in a recurring deposit account for 2 years. Find the amount payable to him on maturity if the rate of interest is 8% per annum ₹3900 ₹4200 ₹4500 ₹5000​

Answer 1

Answer:

Given

P=Rs 150 per month.

r=8% p.a

n=8 month

M.V=Pn+

2×12

P×n(n+1)

×

100

r

=(150×8)+

24

150×(8×9)

×

100

8

=1236

∴ Maturity Value =Rs 1236

Choose which is correct

P= Rs. 150 n=2 x 12 = 24 months r= 7% n(n + 1) r So, I= Px 2x 12 100 24(24+ 1) 2 x 12 7 - |= 150 x 100 7 - |= 150 x 25 x 100 - |= Rs. 262.5 Since the sum deposited Pxn 150x 24 = Rs. 3600 So, the maturity amount will be Rs. 3600 + Rs. 262.5 Rs. 3862.5

Answer 2

Given:

Mukesh deposited ₹150 per month

P=150

n=2 years =2×12=24

r= 8%

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

$=(150 \times 24)+\frac{150 \times24(24 +1)}{24} \times \frac{8}{100}$

=3600+300

=3900

The correct option is "1"

Hence the answer is 3900