Question

Kiran 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, find the amount she gets on maturity.
[4 MARKS]

Answer 1

Formula: 1 Mark
Steps: 2 Marks
Answer: 1 Mark

Given that
Kiran deposited Rs 200 per month for 36 months in a bank's recurring deposit account
The bank pays interest at the rate 11$\%$ per annum.
Pinciple amount per month= Rs 200
Time = 36 months
Maturity amount
$=200\times 36+\frac{200\times 11\times 36(36+1)}{2400}=7200+11\times 3\times 37=7200+1221=Rs8421$