Mr. Richard has a recurring deposit account in a bank for $3$ years at $7.5 %$ p.a. simple interest. If he gets Rs. $8325$ as interest at the time of maturity, find the maturity value.

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Solution

If he gets $8325$ as interest then,

$8325 = P \times 3 \times 0.075$

$P$ is the amount he deposited.

$P = 37000$

the maturity value will be $P + i n t e r e s t$

$= 37000 + 8325 = 45325$

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Mr. Richard has a recurring deposit account in a bank for 3 years at 7.5% p.a. simple interest. If he gets Rs. 8325 as interest at the time of maturity, find the maturity value.

If he gets 8325 as interest then,8325=P×3×0.075P is the amount he deposited.P=37000the maturity value will be P+interest =37000+8325=45325

Mr. Richard has a recurring deposit account in a bank for $3$ years at $7.5 %$ p.a. simple interest. If he gets Rs. $8325$ as interest at the time of maturity, find the maturity value.

If he gets $8325$ as interest then,

$8325 = P \times 3 \times 0.075$

$P$ is the amount he deposited.

$P = 37000$

the maturity value will be $P + i n t e r e s t$

$= 37000 + 8325 = 45325$