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
Rs7200
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B
Rs1221
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C
Rs8521
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D
Noneoftheabove
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Solution
The correct option is DNoneoftheabove 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)=Rs8421