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Question

Malini Opens a recurring deposit account and deposits ₹  600 per month for 5 years. The rate of interest is 8 %. Find the interest and maturity value she receives at the end of the maturity period 


  1. i) ₹ 8320  ii) ₹ 45,330

  2. i) ₹ 7520  ii) ₹ 45,320

  3. i) ₹ 7320  ii) ₹ 43,320

  4. i) ₹ 7230  ii) ₹ 43,330


Solution

The correct option is C

i) ₹ 7320  ii) ₹ 43,320


   

Given that amount invested per month (P) = ₹ 600
Number of months (n)  = 5 x 12 = 60 months
Rate of Interest  (r) = 8 % 

Total amount invested = P x n 
                                    = 600 x 60 
                                    = ₹ 36,000

i) Interest =  P × n× (n+1)2× 12 × r100
                =  600 × 60× (60+1)2× 12 × 8100
                = ₹ 7320

ii) Maturity Amount = Amount Invested + Interest 
                              = 36,000  + 7320
                              = ₹ 43,320

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