Question

Mrs. Goswami deposits Rs 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value.

• A. Rs 20000
• B. Rs 30640
• C. Rs 40440
• D. Rs 60500

Answer 1

The correct option is C

Rs 40440

$P=Rs1000$
Interest = $\frac{P\times n\times (n+1)\times R}{2\times 12\times 100}$
$=\frac{1000\times 36\times \left(37\right)\times 8}{2\times 12\times 100}$
$=12\times 37\times 10=4440$
Sum deposited = $1000\times 36=36000$ Rs.
Amount after maturity = $36000+4440$
$=40440$ Rs.