Question

Sonia had a recurring deposit account in a bank and deposited ₹ 3600 per month for 244 years. If the rate of interest was 10% p.a., find the maturity value of this account

Answer 1

Answer:

Here, amount deposited per month = Rs 600

Number of months = 2 x 12 + 6 = 30 [∵ v T = 2(1/2) years]

Rate of interest = 10% p.a.

Maturity value

Hence, the amount received by Sonia on maturity is Rs 20325.

Answer 2

Answer:

Step-by-step explanation:

you will find your answer in the attachment. I think you mean 2 and half year. So the n is 30, p is 3600 and r is 10%. The formula and substitution of values is as follows.