Sonia has a recurring deposit account in a bank and deposited Rs- 600 per month for 212 years- If the rate of interest was 10- p-a- find the maturity value of this account-

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Standard X

Mathematics

Sum of N Terms of an AP

Sonia has a r...

Question

Sonia has a recurring deposit account in a bank and deposited Rs. $600$ per month for $2 \frac{1}{2}$ years. If the rate of interest was $10 %$ p.a., find the maturity value of this account.

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Solution

Maturity value for the recurring deposits = Total Sum of Money deposited + Interest earned on it.
$P = A m o u n t d e p o s i t e d e v e r y m o n t h$
$n = n u m b e r o f m o n t h s t h e d e p o s i t s w e r e m a d e$
$r % = r a t e o f i n t e r e s t$
$M a t u r i t y V a l u e = P \times n + P \times \frac{n (n + 1)}{2 \times 12} \times \frac{r}{100}$
Here, $P = R s . 600, n = 30, r = 10 %$
$M a t u r i t y V a l u e = 600 \times 30 + 600 \times \frac{30 (30 + 1)}{2 \times 12} \times \frac{10}{100} = R s . 20325$

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Sonia has a recurring deposit account in a bank and deposited Rs. 600 per month for 212 years. If the rate of interest was 10% p.a., find the maturity value of this account.

Sonia has a recurring deposit account in a bank and deposited Rs. $600$ per month for $2 \frac{1}{2}$ years. If the rate of interest was $10 %$ p.a., find the maturity value of this account.