Question

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?​

Answer 1

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