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Question

Anna deposited Rs 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 , what is the amount she gets on maturity (i.e. at the end of 36 months). ?

A
Rs 7200
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B
Rs 1221
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C
Rs 8521
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D
None of the above
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Solution

The correct option is D None of the above
Given: P = Rs 200, n = 36 months, r = 11%
Therefore, I= Rs200×36×36+12×12×11100 =Rs1221 (I=P×n×n+12×12×r100)
Total sum deposited = P×n=Rs200×36=Rs7200
The sum that Anna will get at the time of maturity = Rs (7200+1221)=Rs 8421

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