CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits ₹600 per month for 20 months. Calculate the maturity value of this account, if the bank pays interest at the rate of 10% per annum.


A

₹6000

No worries! We‘ve got your back. Try BYJU‘S free classes today!
B

₹1050

No worries! We‘ve got your back. Try BYJU‘S free classes today!
C

₹13050

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
D

₹12000

No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is C

₹13050


Instalment per month(P) = 600

Number of months(n) = 20

Total Amount Deposited = 600 x 20 = 12000

Rate of interest(r)= 10%p.a.

I=P×n(n+1)2×12×r100
=600×20(20+1)2×12×10100
=600×42024×10100= 1050

The amount that Manish will get at the time of maturity

Maturity Amount = Total Amount Deposited + Interest

=₹12,000+ 1,050

= 13,050

The Maturity Amount = ₹13,050


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Recurring
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon