Raj deposited ` 500 per month for 2.5years at 8% p.a. in a Recurring Deposit Scheme. The interest earned by him on maturity is
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Given : Raj deposited ` 500 per month for 2.5years at 8% p.a. in a Recurring Deposit Scheme.
To Find : The interest earned by him on maturity
Solution:
P = 500 per month
n = 2.5 years = 30 months
R = 8 % per years = 8/12 = 2/3 % per annum
Interest = P * R * (n (n + 1)/2)/100
= 500 * (2/3) * 30 * 31 /200
= 5 * 10 * 31
= 50 * 31
= 1550
The interest earned by him on maturity is Rs 1550
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