Question

Kiran deposited Rs. $200$ per month for $36$ months in a banks's recurring deposit account. If the bank pays interest at the rate of $11\%$ per annum, find the amount (in Rs.) she gets on maturity.

Answer 1

interest $=\frac{P\times n\times (n+1)\times R}{2400}$
$=\frac{200\times 36\times 37\times 11}{2400}$
$=1221$
$\therefore$ Amount $=200\times 36+1221=$ Rs. $8421$