Question

Ravish opened a cumulative time deposit account with Punjab National Bank, deposits Rs 240 per month for 3/2 years at the rate of 10% p.a. Find the qualifying sum.​

Answer 1

Answer:

9504 rupees

Step-by-step explanation:

In 1 month,he deposits =Rs240

In 12 month or 1 year,he deposits = 240×12=Rs. 2880

In 3 years, he deposits = 2880×3=Rs.8640

Interest 10/annum=288×3=Rs.864

The qualifying sum= 8640+864=Rs.9504

.:.,The qualifying sum is Rs.9504.