Question

Mala deposits Rs. 60 per month in a cumulative deposit account for 6 years. Find the amount payable to her on maturity, if the rate of interest is 5% p.a.

Answer 1

Mala deposits Rs. 60 per month in a cumulative deposit account for 6 years = $6\times 12=72$ months.
Rage of Interest = 5%
$\therefore Interest=60\times \frac{72\times 73}{2}\times \frac{5}{100}\times \frac{1}{12}Rs.657$
$\therefore$ Amount payable at maturity $=60\times 72+657=Rs.4977$