Shabnum deposited rupee 200 per month in a bank for 2 years under a recurring deposit scheme what will be the maturity value of her deposits if the rate of interest is 7% per annum and the interest is calculated half yearly
Answers
Answer:
5678.429 rupee
Step-by-step explanation:
She Deposited 200 per month for 2 years
Interest rate 7% per year
Interest Calculated after 6 months
For the first 6 months:
Total money deposited would be = 6 * 200
=1200 rupee
Interest gained after 6 months = 3.5 % of 1200
= 3.5 * 12
= 42 rupee
Money in the bank after 6 months would be = 1200 + 42
=1642 rupee
For Next 6 months:
After Next 6 Months money she will deposit= 1200 rupee
Total amount in the Bank would be = 1642 + 1200
= 2842 rupee
Interest Gained after these 6 months would be = 3.5 % of 2842
= 3.5 * 28.42
=99.47 rupee
Money in the bank after year would be = 2842 + 99.47
=2941.47 rupee
For Next 6 months:
After Next 6 Months money she will deposit= 1200 rupee
Total amount in the Bank would be = 2941.47 + 1200
= 4141.47 rupee
Interest Gained after these 6 months would be = 3.5 % of 4141.47
= 3.5 * 41.4147
=144.935 rupee
Money in the bank after year and 6 months would be would be = 4141.47 + 144.935
= 4286.405 rupee
For Next 6 months:
After Next 6 Months money she will deposit= 1200 rupee
Total amount in the Bank would be = 4286.405 + 1200
= 5486.405 rupee
Interest Gained after these 6 months would be = 3.5 % of 5486.405
= 3.5 * 54.86405
=192.024 rupee
Money in the bank after two years would be would be = 5486.405 + 192.024
= 5678.429 rupee
Answer:
Maturity value= 5234.957 rupee
Step-by-step explanation:
Shabnam Deposited 200 per month for 2 years
Interest rate 7% per year
Half yearly rate 3.5%
For the first 6 months:
Amount deposited = 6 * 200 =1200 rupee
Interest gained after 6 months = 3.5 % of 1200 = 3.5 * 1200/100=42
Total amount after 6 months would be = 1200 + 42
=1242 rupee
For 2nd 6 months:
After Next 6 Months amount deposited= 1200 rupee
Total amount in the Bank = 1242 + 1200
= 2442 rupee
Interest Gained after one year = 3.5 % of 2442
= 3.5 * 2442/100
=85.47 rupee
Total amount +interest amount = 2442 + 85.47
=2527.47 rupee
For Next 6 months:
After Next 6 Months money deposited= 1200 rupee
Total amount in the Bank would be = 2527.47 + 1200
= 3727.47 rupee
Interest Gained after one and half year = 3.5 % of 3727.47
= 3.5 * 3727.47/100
=130.46 rupee
Money in the bank after one and half year = 3727.47 + 130.46
= 3857.93 rupee
For Next 6 months:
After Next 6 Months money she will deposit= 1200 rupee
Total amount in the Bank = 3857.93 + 1200
= 5057.93 rupee
Interest Gained after 2 years = 3.5 % of 5057.93
= 3.5 * 5057.93/100
=177.027 rupee
Money in the bank after two years = 5057.93 + 177.027
= 5234.957 rupee