Mrs.Mathew opened a recurring deposit account in a certain bank and deposited Rs 640 per month for 4^1/2years .Find the maturity value of this account, if the bank pays interest at the rate of 12% per year.

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Solution

Sum per month(P) = ₹ 640

Number of months(n) = 4.5 x 12 = 54 Months

Rate of interest(r)= 12%p.a.

Total Amount Deposited = 54 x 640 = ₹ 34,560

S.I.=P×n(n+1)2×12×r100
=640×54(54+1)2×12×12100
=640×297024×12100=₹9504

Maturity Amount = Total Amount deposited + Interest

= ₹ 34,560 + ₹ 9504

= ₹ 44,064

Hence the Maturity Amount = ₹ 44,064

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Mrs.Mathew opened a recurring deposit account in a certain bank and deposited Rs 640 per month for 41/2 years .Find the maturity value of this account, if the bank pays interest at the rate of 12% per year.

Mrs.Mathew opened a recurring deposit account in a certain bank and deposited Rs 640 per month for 4^1/2years .Find the maturity value of this account, if the bank pays interest at the rate of 12% per year.