Question

Sonia had a recurring deposit account in a bank and deposit rupees 600 per month for two hold one upon two year if the rate of interest was 10% p.a., find the maturity value of this account​

Answer 1

Answer:

Step-by-step explanation:

Given

P= 600 Rs

n = $2\frac{1}{2}$ year => 30 month

r = 10%

I = $(600$  ×$\frac{30(30+1)}{2 *12}$ ×$\frac{10}{100}$)

I=> 2325

Since sum deposited = P × n

=> 600 ×30 =18000 Rs.

The maturity value = (18000+2325)

=> The maturity value is  20325

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@GauravSaxena01