Question

If ₹ 150 per month deposited in a bank under Recurring Deposit Scheme with interest rate 8% per annum then the maturity value after 3 years is

• A. ₹ 6066
• B. ₹ 666
• C. ₹ 5400

Answer 1

The correct option is A ₹ 6066

Given, amount invested per month is ₹ 150 i.e P = ₹ 150
Number of month (n) = 36 and rate of interest (r) = 8%
$\because$ Maturity value of Reccuring deposit = Total Sum deposited + Interest on it

Sum deposited = $150\times 36$ = ₹ 5400

Interest = $P\times \frac{n(n+1)}{2}\times \frac{1}{12}\times \frac{r}{100}$
$=\frac{36\times (36+1)}{2}\times \frac{150\times 8}{100\times 12}$
$=\frac{36\times 37\times 150\times 8}{2\times 100\times 12}=₹666$

Maturity Value = 5400 + 666 = ₹ 6066