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.

• A. 8421

Answer 1

The correct option is A 8421
Given: P = ₹200, n = 36 months, r = 11%
Therefore, $I=₹200\times 36\times \frac{36+1}{2\times 12}\times \frac{11}{100}=₹1221$ $(I=P\times n\times \frac{n+1}{2\times 12}\times \frac{r}{100}$)
Total sum deposited = $P\times n=₹200\times 36=₹7200$
The sum that Anna will get at the time of maturity = $₹(7200+1221)=₹8421$