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Question

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



A

₹20,440

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B

₹30,660

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C

₹40,440

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D

₹54,000

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Solution

The correct option is C

₹40,440


Monthly installment = ₹1000

Number of Months  = 3 x 12 = 36 Months 

Amount deposited = 1000 × 36 = ₹ 36000

Rate of interest = 8 %

 Interest I = P × n×(n+1)2× 12 × r100

               = 1000 × 36×(36+1)2× 12 × 8100

Interest = ₹4440

Maturity Value = Amount deposited + Interest 

Amount on maturity = ₹ (36000 + 4440) = ₹40,440


Mathematics

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