Krusha will need Rs 1236 eight months from now. The Karnataka Bank has a recurring deposit scheme that gives 8% p.a. interest being calculated at the end of every month. How much should she invest per month?

x = Rs 150

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x = Rs 15

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x = Rs 1500

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x = Rs 15000

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Solution

The correct option is A
x = Rs 150

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Rohan deposited Rs. 150 per month in his bank for eight months under the Recurring Deposit Scheme. What will be the maturity value of his deposit, if the rate of interest is 8% per annum and the interest is calculated at the end of every month?

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Krusha will need Rs 1236 eight months from now. The Karnataka Bank has a recurring deposit scheme that gives 8% p.a. interest being calculated at the end of every month. How much should she invest per month?

The correct option is A x = Rs 150

The correct option is A
x = Rs 150