Rajinder deposited Rs. 150 per month in a bank for 8 months in a Recurring Deposit account. What will be the maturity value of his deposits, if the rate of interest is 8% p.a. and interest is calculated at the end of every month?
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Explanation:Total price for one month =
150 × 8(8 + 1)
2
= 150 4 9 = Rs. 5400
Interest on Rs. 5400 for one month =
5400 × 8 × 1 = Rs. 36
12 × 100
Maturity value = Rs. (150 8 + 36) = Rs. (1200 + 36) = Rs. 1236
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