Question

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Rohan opened a recurring deposit account with National Bank for a period of 2 years. If the bank pays interest of 6% per annum and monthly instalment is Rs. 4000, find (I) interest in 2 years (ii)matured value.
1. 102000, 6000
2. 60000, 1020000
3. 6000, 102000
4. 600, 10200​

Answer 1

Step-by-step explanation:

$\bf{\underline{\underline\red{Given:-}}}$

• Principal = Rs.4000

• Time = 2 years.

• Rate = 6%.

$\bf{\underline{\underline\blue{To\:Find:-}}}$

• Interest in 2 years

• Matured value.

$\bf{\underline{\underline\green{Solution:-}}}$

Principal for monthly installment = Rs. 4000

Time = 2 years = 24 months.

Rate of interest = 6% per annum

For 1 month

$\rm Rate = \dfrac{6\%}{12}$

$\rm= \dfrac{6}{12×100}$

$\rm = \dfrac{1}{2×100}$

$\rm = \dfrac{1}{200}$

$\rm \implies Rate = \dfrac{1}{200}$

$\boxed{\rm \: Simple \: Interest = \frac{P \times T\times R}{100} }$

$\rm \implies\: 4000 \times \dfrac{n(n + 1)}{2} \times \dfrac{1}{200}$

$\rm \implies\: 20 \times \dfrac{24(24 + 1)}{2}$

$\rm \implies\: 20 \times \dfrac{24 \times 25}{2}$

$\rm \implies\: 20 \times 300$

$\rm \implies\: 6000$

$\boxed{\rm \therefore Simple \: interest = Rs.6000}$

Total deposit in 2 years (24 months)= 4000 × 24 = 96000

Matured value = Total deposit + Interest

= 96000 + 6000

= Rs. 102,000

$\boxed{\rm Option\: (3) \:is \:correct}$

Answer 2

Answer:

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