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.
8421
Open in App
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