Question

Shabnam deposited rupees 150 per month in a bank for two years and recurring deposit scheme what will be the maturity value of a deposit at the rate of interest 7% and the interest calculated half yearly​

Answer 1

Answer:

The maturity amount = Rs 3862.5

Step-by-step explanation:

Given,

• P = Rs 150
• n = 2 × 12 = 24 months
• r = 7%

So,

$I = p\times\frac{n(n+1)}{2\times12}\times\frac{r}{100}$

⇒ $I = 150\times\frac{24(24+1)}{2\times12}\times\frac{7}{100}$

⇒ $I = 150\times25\times\frac{7}{100}$

∴ I = Rs 262.5

∵ The sum deposited = P × n = 150 × 24 = Rs 3600

∴ The maturity amount = Rs 3600 + Rs 262.5 = Rs 3862.5

∴ The maturity amount = Rs 3862.5

Answer 2

Hope it's helpful to you