Question

Sourabh deposited certain sum of money for 1 year at rate of 6$\%$ p.a. If he got the maturity amount as Rs 7434, The amount he deposited every month in his recurring deposit account is

• A. Rs. 400
• B. Rs.500
• C. Rs.600
• D. Rs.800

Answer 1

The correct option is C

Rs.600

Given n = 1year = 12 month

r = 6$\%$ p.a.

Let Principal be p

Amount deposited = n $\times$p= P $\times 12$

Interest = $\frac{p\times n(n+1)}{2\times 12}\left(\frac{r}{100}\right)$

I = $\frac{p\times 12\times 13}{2\times 12}\left(\frac{6}{100}\right)$

Maturity amount = Amount deposited + Interest

Maturity amount = 12 P + $\frac{39P}{100}$

7434 = $\frac{39P}{100}\frac{1200P+39P}{100}1239P=743400$

P= Rs. 600