Question

If ₹ 200 per month deposited in a bank under Recurring Deposit Scheme with interest rate 11% per annum for 3 years then interest obtained is

• A. ₹1221
• B. ₹1200
• C. ₹1000

Answer 1

The correct option is A ₹1221

Given, amount invested per month is ₹ 200 i.e P = 200
Number of month (n) = 36 and rate of interest (r) = 11
$\because$ Interest = $\frac{P\times n\times (n+1)\times r}{2\times 12\times 100}$
$=200\times \frac{36\times (36+1)}{2}\times \frac{11}{100\times 12}$
$=200\times \frac{36\times 37\times 11}{2\times 100\times 12}=₹1221$