Question

☆sonia had a recurring deposit account in a bank and deposited 600 per month for 21/2year.if the rate of intrest was 10%. find the maturity value of this account.​

Answer 1

Maturity value for the recurring deposits

= Total Sum of Money deposited + Interest earned on it.

P=Amount deposited every month

n=number of months the deposits were made

r%=rate of interest

Maturity Value=P×n+P×

n(n+1)/2×12

× r/100

Here, P=Rs.600,n=30,r=10%

Maturity Value=600×30+600×

30(30+1)/2×12 ×10/100

=Rs.20325

Answer 2

Answer:

refer to the attachment above for ur answer

Explanation:

hope it helps you ^_^

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