Ramesh opened a recurring deposit account in a bank for five year and deposit Rs.200 every month,if the rate of interest is 6% per annum then how much money will be get after 5 years
Answers
Given : Ramesh opened a recurring deposit account in a bank for five year and deposit Rs.200 every month
rate of interest is 6% per annum
To Find : How much money will be get after 5 years
Solution:
deposit 200 every month,
Deposited for 5 years = 60 months
Amount deposited = 200 x 60 = Rs 12000
interest is 6% per annum = 0.5 % per month
SI = P * R * T /100
Interest on 1st month deposit = 200 x 0.5 * 60 / 100 = 60
Interest on 2nd month deposit = 200 x 0.5 * 59 / 100 = 59
Interest on 60th month deposit = 200 x 0.5 * 1 / 100 = 1
Total interest = 1 + 2 + .......................+ 59 + 60
= 60 (61 ) /2
= 30 * 61
= 1860
Amount he got after 5 years = 12000 + 1860
= Rs 13860
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Step-by-step explanation:
Given, P=Rs.200
R=6% per annum
n= 5×12=60months
=60 installments
Interest= P×R÷100×1÷12[n(n+1)÷2]
=200×6÷100×1÷12[60(60+1)÷2]
=2×15×61
=30×61
Interest=Rs.1830
Total Amount= 200 × 60 + 1830
=12000 + 1830
Ans•• =Rs.13,830.