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Question

Amit deposited Rs 800 per month in a Recurring Deposit Account for 1 year at the rate of 10% per annum. Find the amount Amit will get on maturity.
[4 MARKS]

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Solution

Formula: 1 Mark
Steps: 2 Marks
Answer: 1 Mark

Monthly instalment = Rs 800
Time = 1 year = 12 months
Total amount deposited = Rs800×12=Rs 9600
Equivalent Principal for 1 month = Monthly instalment ×n(n+1)2
=Rs800×12(12+1)2=Rs400×12×13
= Rs 62400
Interest=P×R×T100
=62400×10×112×100=Rs520
Matured value = Total amount deposited + Interest
= Rs 9600 + Rs 520 = Rs 10,120

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