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Question

Anna deposited ₹200 per month for 36 months in a bank's recurring deposit account. If the bank pays interest at the rate of 11% per annum, find the amount(in ₹) she gets on maturity.

  1. 8421

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Solution

The correct option is A 8421
Given: P = ₹200, n = 36 months, r = 11%
Therefore, I= 200×36×36+12×12×11100 = 1221 (I=P×n×n+12×12×r100)
Total sum deposited = P×n= 200×36= 7200
The sum that Anna will get at the time of maturity = (7200+1221)= 8421

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