Question

Raman deposited Rs. 200 per month for 36 months in a bank's recurring deposit account. If the bank pays an interest at the rate of 15% per annum, find the amount he gets on maturity.

• A. 8210
• B. 8865
• C. 8410
• D. 8510

Answer 1

The correct option is B

8865

Given, P = Rs. 200
N = 36 months
r = 15%
$\therefore I=\frac{200\times 36(36+1)}{2\times 12}\times \frac{15}{100}[\because I=\frac{P\times n(n+1)}{2\times 12}\times \frac{r}{100}]$

= Rs. 1665
Sum deposited = $P\times n$
= 200 $\times$ 36 = Rs. 7200
Maturity amount which Raman will get
= 7200 + 1665 = Rs. 8865