Question

Veena deposited ₹ 300 per month for 3 years in a bank’s recurring deposit account. If the bank pays interest at 11% per annum, find the amount she gets on maturity (an: ₹ 12631.50)​

Answer 1

Answer:

here P = 300 ,N=36 , R = 11%

(300×36×37×11)/2400= 1831.50

we know maturity amount = (P ×n + 1831.50)

= ( 300 × 36 +1831.50)

= ( 10800 + 1831.50)

hence the mature amount is

= 12631.50

hope you understand