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

Open in App

Solution

Formula: 1 Mark
Steps: 2 Marks
Answer: 1 Mark

Given: Time = 3 years = 36 months
Principal for one month = $M I \times \frac{n (n + 1)}{2}$
$= R s [1000 \times \frac{36 \times (36 + 1)}{2}] = R s 6, 66, 000. I n t e r e s t = \frac{P r i n c i p a l \times T i m e \times R a t e}{100} = R s \frac{6, 66, 000 \times 1 \times 8}{100 \times 12} = R s 4440.$
Total amount deposited = $R s (1000 \times 36)$
= Rs 36,000
$∴$ Amount on maturity = Rs (36,000 + 4440)
$= R s 40, 440$

Suggest Corrections

Similar questions

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

Q. If Mrs. Goswami deposits ₹ 1000 every month in a recurring deposit account for 3 years at 8% interest per annum then the matured value is .

Mrs. Jhaluka deposits Rs 1000 every month in a recurring deposit account for a time period of 3 years at 8% interest per annum. What is the matured value?

Mrs. Goswami deposited Rs.1000 per month in a recurring deposit account for 3 years. Find the amount payable to him on maturity, if the rate of interest is 8 % per annum.

Q. Mr Gupta opened a recurring deposit account in a bank. He deposited Rs 2500 per month for month for two years. At the time of maturity, he got Rs 67,500.
Find :(i) The total interest earned by Mr Gupta.
(ii) The rate of interest per annum
[4 MARKS]

Join BYJU'S Learning Program

Mrs Goswami deposits Rs 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value. [4 MARKS]

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