Question

Reema deposits rs.3500 every month in a recurring deposit account for 2.5 years ata 8%p.A. Find the amount she will receive on maturity

Answer 1

P=3500

n=2 1/2 yrs i.e 30 months

r=8%

I=p× n(n+1)/2×12× r/100

I= 3500× 30×31/2×12 ×8/100

I= 10859

M.V = pn+I

3500×300+10850

=10500+10850

=115850 ans