Vinod deposits Rs 700 every month in a recurring deposit account at the interest rate of 9% per annum for 12 months. Find the Maturity Value that he will get is ____________
8809.5
Given P = Rs 700
r = 9%
n = 12 months
Amount deposited = n ×p = 700 × 12=8400
Interest = p×n(n+1)2×12(r100)
Interest = 700×12×132×12×(9100)=Rs409.5
Maturity amount = Amount deposited + Interest = 8400 + 409.5 = 8809.5