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Question

Divya has a recurring deposit in a bank at 5% per annum simple interest. If she pay monthly installment of Rs. 2000 for annually. Find her Maturity value.

A
6049.931
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B
6249.931
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C
6149.931
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D
6549.931
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Solution

The correct option is A 6049.931
Using the formula,
M=R×[(1+i)n1]1(1+i)13
R = Monthly Installment =2000
i = Rate of Interest 5%
n = Number of Quarters =1
Substitute the values,
M=2000×[(1+5/400)n1]1(1+5/400)13
M=2000×54001(405400)1/3
M=6049.931

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