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. $40,040$
• B. Rs. $40,444$
• C. Rs. $40,440$
• D. Rs. $40,044$

Answer 1

Answer: (C)

Rs. $40,440$

$P=1000$

$T=3years$

$n=12\times T$

$=12\times 3=36$

$R=8\%$

$M.V=Pn+\frac{P\times n(n+1)}{2\times 12}\times \frac{R}{100}$

$=(1000\times 36)+\frac{1000\times 36\times 37}{24}\times \frac{8}{100}$

$=3600+4440$

$=40,440$

Hence Matured value $=Rs.40440$