Question

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 get after 5 years
​

Answer 1

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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