sajal investest 600 per months for 30 months in a recurring deposit scheme of oriental bank of commrece. if the bank pays simple interest at 20 /3% per annum, find the amount received by him on maturity.
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Answer:
Maturity Value= Rs. 19550
Step-by-step explanation:
Total Money Deposited = 600 x 30 mths = Rs.18000
Interest = (600 x 30 x 31 x 20)/3 x 2400
=Rs.1550
Maturity value = Money Deposited + Interest = Rs. 19550
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