Raju deposits Rs. 1000 in the first month. Then every month he increases the monthly deposit by Rs. 60. Calculate his total investment at the end of two years using the concept of progression

Open in App

Solution

According to the question,
First deposit = a = 1000

Monthly increment = common difference = d = 60 (It is an A.P. as there is constant increment in the terms)

Time = t = 2 years = 2× 12 = 24 months
As 1 investment was made in each month so there were 24 investments made.
Therefore, n = 24

Sum of series = S = (n/2)[2a + (n-1)d]
S = (24/2)[2×1000 + (24-1)60]
= 12[2000 + 23×60]
= 12×[2000 + 1380]
= 12×3380
= 40,560

Therefore,net investment = Rs. 40,560

Suggest Corrections

Similar questions

Q. Amit deposits Rs 150 per month in a bank for 8 months under the Reccurring Deposit Scheme.What will be the maturity value of his deposit,if he rate of interest is 8% p.a and interest is calculated at the end of every month.

Q. Jaspal Singh repays his total loan of Rs 118000 by paying every month starting with the first instalment of Rs 1000. If he increases the instalment by Rs 100 every month, what amount will be paid by him in the

30^{t h}

instalment?

Q. Mrs.Goswami deposits Rs.

1000

every month in a recurring deposit account for

3

years at

8 %

interest per annum. Find the matured value.

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

Amit deposited Rs 150 per month in a month in a bank for 8 months under the Recurring Deposit Scheme. What will be the maturity value of his deposits, if the rate of interest is 8% per annum and interest is calculated at the end of every month ?

Join BYJU'S Learning Program