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




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Answer 1

Step-by-step explanation:

The maturity value for the given account = Rs. 20325

Step-by-step explanation:

Principal = Rs 600

Time=2\tfrac{1}{2}=2.5\thinspace{ years}Time=2

2

1

=2.5years

Time, n = 2.5 × 12

= 30 months

Rate of Interest = 10% p.a.

[\text{Rate, r = }\frac{10}{12\times 100}=0.0083\thinspace{ monthly}Rate, r =

12×100

10

=0.0083monthly

Now, Maturity value of the account is given by the formula :

\begin{gathered}\text{Maturity value = }Principal\times n+Principal\times \frac{n(n+1)}{2}\times r\\\\\implies \text{Maturity value = }600\times 30+600\times \frac{30(30+1)}{2}\times 0.0083\\\\\implies\bf\textbf{Maturity Value = Rs. }20325\end{gathered}

Maturity value = Principal×n+Principal×

2

n(n+1)

×r

⟹Maturity value = 600×30+600×

2

30(30+1)

×0.0083

⟹Maturity Value = Rs. 20325

Hence, The maturity value for the given account = Rs. 20325