Question

Punam opened a recurring deposit account with Bank of Baroda for one half
years. If the rate
of interest is 6% per annum and the bank pays 11313 on maturity, find how much Punam
deposited each month?
​

Answer 1

Answer:

Formula : Fv = Pv [ (1+i)ñ-1 / i]

Fv = 11313

i = 6/100×12 = 0.005

n = 6

solution :

11313 = Pv [(1+0.005)⁶-1/0.005]

11313 = Pv [ 1.0303-1/0.005 ]

11313 = Pv [ 6.0755 ]

Pv = 11313/6.0755

Pv = 1863 Approx

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