sonia had a recurring deposit account in a bank and deposited ₹600 per month for 2 1/2 years . if the rate of interest was 10% p.a., find the maturity value of this account.
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Given:
p=Rs.600
r=10%
n=5/2years =30months
mv=p*n+p*n(n+1)/2*12*r/100
mv=600*30+600*30(30+1)/2*12*10/100
mv=18000+18000*31/24*10
mv=18000+2325
mv=Rs.20325
p=Rs.600
r=10%
n=5/2years =30months
mv=p*n+p*n(n+1)/2*12*r/100
mv=600*30+600*30(30+1)/2*12*10/100
mv=18000+18000*31/24*10
mv=18000+2325
mv=Rs.20325
muskan7976:
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she wanted to know how the ans came
means the procedure
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