Question

Umesh deposits Rs. 350 per month is a cumulative deposit account for 5 years what amount will he get on maturity if the rate of interest is 10%?​

Answer 1

Answer:

use this method for this question.

hope it will help u...

Step-by-step explanation:

Mr Mohan has a cumulative deposit account for 3 years at 7% interest pa. She receives Rs.8,547 as a maturity amount after 3 years.

Find the monthly deposit

ANSWER

Given deposite per month = P

Period = 3 years = 36 months

R = 7%

Maturity amount = Rs 8,547

monthly deposited = Rs 36 P

Total principal for 1 month

=

2

P(36)(36+1)

=666P

Interest=

12×100

Principlefor1month

8547−36P=

12×100

666P×7

8547−36P=3.885P

8547=39.885P

P=Rs.214.3

Answer 2

The amount which Umesh will get on maturity is Rs.47687.50

Given :

Amount deposited by Umesh per month = Rs.350

Time period(x) = 5years

= 5 × 12 months

= 60months

Rate of interest = 10%

To find :

Amount he will get on maturity

Solution :

Total principal for one month = 350 × {x(x+1) } / 2

= 350 × (60 × 61) /2

= 640500

We know,

Interest = PRT/100

= (640500 × 10 × 5) / (12 × 100)

= 26687.50

Amount = Principal + Interest

Amount = (350 × 60) + 26687.50

= 21000 + 26687.50

= 47687.50

Hence, The amount which Umesh will get on maturity is Rs.47687.50

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