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 40000
• B. Rs 40640
• C. Rs 40440
• D. 40500

Answer 1

The correct option is C Rs 40440

$P=Rs1000$
$Interest=\frac{P\times n\times (n+1)\times R}{2\times 12\times 100}$
$=\frac{1000\times 36\times \left(37\right)\times 8}{2\times 12\times 100}$
$=12\times 37\times 10=4440$
$Sumdeposited=1000\times 36=Rs36000$
$Amountaftermaturity=36000+4440$
$=Rs40440$