Question

priya deposited rupees 80 per month in R.D.A/C for six years.Find the maturity amount if r% is 6% per annum​

Answer 1

Principal = 2000

Rate of interest = 10% = 0.1

Amount = Rs.83100

No. of compounds per year = n = 12

A=P(1+\frac{r}{n})^{nt}

83100=2000(1+\frac{0.1}{12})^{12t}

\frac{83100}{2000}=(1+\frac{0.1}{12})^{12t}

41.55=(1+\frac{0.1}{12})^{12t}

t=37.42

So, it will take Approx 36 months

Answer 2

6105.6 is the maturity amount

as its interest came was 345.6