Naveen deposited ₹ 60 per month in a cumulative (recurring) deposit account for 4 years. Find the amount payable to him on maturity if the rate of interest is 5% per annum
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Answered by
1
Answer:
60 x 4 x 5 / 100
= 16 answer
Answered by
2
Answer:
3174
Step-by-step explanation:
let monthly payment is p
deposited payment = ₹ 60
total money deposit = p × n
= 60 × 4 × 12 [∵ 4years = 4 × 12months]
interest = pn( n + 1 × r)/ 2400
= 294
total amount = pn + interest
= 60 × 48 + 294
= 2880 + 294 = 3174
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