Question

Sonia had a recurring deposit account in a bank and deposited ₹ 600 per month for 2 ½ years. If the rate of interest was 10% p.a., find the maturity value of this account.

Answer 1

Answer:

Rs - 20325

Step-by-step explanation:

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× 2×12

n(n+1) × 100

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

Maturity Value=600×30+600×

2×12

30(30+1) × 10×100

=Rs.20325

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