Question

Mr das deposits rupees 300 per month recurring deposit account for 2 years at a simple interest rate of 7 % per annum
Find the find the maturity value of the deposit and the total interest he will earn in 2 years

Answer 1

$$\begin{gathered} \mathrm{Here}\mathrm{money}\mathrm{deposited}\mathrm{P}\hspace{0.17em}=300 \\ \mathrm{number}\mathrm{of}\mathrm{months}=24 \\ \mathrm{Interest}=\mathrm{P}\times \frac{\mathrm{n}\left(\mathrm{n}+1\right)}{2\times 12}\times \frac{\mathrm{r}}{100} \\ =300\times \frac{24\times 25}{24}\times \frac{7}{100}=\mathrm{Rs}.525 \\ \mathrm{Amount}\mathrm{payable}\mathrm{to}\mathrm{him}\mathrm{on}\mathrm{maturity}=\mathrm{Sum}\mathrm{deposited}+\mathrm{Interest} \\ =24\times 300+525 \\ =\mathrm{Rs}7725 \end{gathered}$$