Shyam deposited Rs 150 per month in his bank for eight months under the Recurring Deposit Scheme. Find the maturity value of his deposit, if the rate of interest is 8% per annum and the interest is calculated at the end of every month?
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Answer:
P=Rs 150 per month.
r=8% p.a
n=8 month
M.V=Pn+2×12P×n(n+1)×100r
=(150×8)+24150×(8×9)×1008
=1236
∴ Maturity Value =Rs 1236
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