Ram deposits of Rs. $1200$ per month in a recurring deposit scheme for $3$ years. Find the amount he will get on maturity in the rate of interest is $10 %$ per annum.

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Solution

Given, $P =$ Rs. $1200$ , $n = 3 \times 12 = 36$ months, $r = 10 %$
Interest $=$ $\frac{P n (n + 1) r}{2400}$
$= \frac{1200 \times 36 (36 + 1) 10}{2400}$
$= 6660$
Maturity value $= 1200 \times 36 + 6660 =$ Rs. $49860$

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Ram deposits of Rs. 1200 per month in a recurring deposit scheme for 3 years. Find the amount he will get on maturity in the rate of interest is 10% per annum.

Given, P= Rs. 1200, n=3×12=36 months, r=10%Interest = Pn(n+1)r2400=1200×36(36+1)102400=6660Maturity value =1200×36+6660= Rs. 49860

Ram deposits of Rs. $1200$ per month in a recurring deposit scheme for $3$ years. Find the amount he will get on maturity in the rate of interest is $10 %$ per annum.

Given, $P =$ Rs. $1200$ , $n = 3 \times 12 = 36$ months, $r = 10 %$
Interest $=$ $\frac{P n (n + 1) r}{2400}$
$= \frac{1200 \times 36 (36 + 1) 10}{2400}$
$= 6660$
Maturity value $= 1200 \times 36 + 6660 =$ Rs. $49860$