Question

Nirmala opened a recurring deposit account in a bank
and deposited ? 600 per month for 2% years of
the nate go interest wows 10%. p.a. find maturidy
value if account is closed after 2 years .​

Answer 1

Step-by-step explanation:

(1) Let the deposit per month =Rs.p

Number of months (n)=36

Rate of interest (r) =7.5%p.a.

∴S.I=P×

2×12

n(n+1)

×

100

r

⇒8325=P×

2×12

36×37

×

100

7.5

⇒8325=P×

2

3×37

×

100

7.5

⇒P=

3×37×7.5

8325×2×100

=Rs.2000

(2) maturity value =P×n+S.I=Rs.(2000×36+8325)=Rs.80325

Hence, this is the answer.