Question

Neema invested Rs 600 per month for 2 ½ years in a recurring deposit scheme of Oriental Bank of Commerce. If the bank pays simple interest at 6 2 3 % per annum, find the amount received by him on maturity.​

Answer 1

Step-by-step explanation:

Answer 2

Answer:

The amount received by him on maturity is Rs 18930

Step-by-step explanation:

Given:

Deposit per month = Rs 600

Rate of interest = $6\frac{2}{3}$% p.a.

Period (n) = $2\frac{1}{2}$years = 30 months.

Solution:

n = 30 months

$Total principal for one month = 600 * \frac{n (n+1)}{2}\\ = 600 * \frac{30 ( 30+ 1)}{2}\\ = 600 * \frac{( 30*31 )}{2}\\ = 279000$

Total principal for one month = Rs 279000

r = rate of interest

r = $6\frac{2}{3}$%

r = 4%

$Interest = \frac{p r t}{100} \\= \frac{279000 * 4 * 1}{100 * 12} \\= Rs 930$

Amount of maturity = ( Deposit per month × number of month) + Interest

Amount of maturity = (600 × 30) + 930

                               = Rs 18930.

Answer : The amount received by him on maturity is Rs 18930

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