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Question

If Mrs. Goswami deposits ₹ 1000 every month in a recurring deposit account for 3 years at 8% interest per annum then the matured value is .

A
₹ 36,000
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B
₹ 4,440
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C
₹ 40,440
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D
₹ 40,000
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Solution

The correct option is C ₹ 40,440
Given, amount invested per month is ₹ 1000 i.e P = 1000
Number of month (n) = 36 and rate of interest (r) = 8
Maturity value of Reccuring deposit = Total Sum deposited + Interest
Sum deposited = 1000×36=36000
Interest = P×n(n+1)2×112×r100
= 1000×36×372×112×8100
=12×37×10=4440
Amount after maturity = 36000+4440
=40,440

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