Amit deposited Rs. 150 per month in a bank for 8 months under the Recurring Deposit Scheme. What will be the maturity value of his deposits, if the rate of interest is 8% per annum and interest is calculated at the end of every month?

Explanation:

Already stated in the problem statement:

P = Rupees 150 per month.

r = 8 % per annum.

n = 8 months duration.

Formula:

Maturity value = Pn + P x n (n+1) /2 x 12 x r/100

= (150 x 8 ) + 150 x ( 8 x 9 ) / 24 x 8 / 100

= 1236

Therefore, Maturity Value = Rs. 1236

Was this answer helpful?

 
   

0 (0)

(0)
(0)

Choose An Option That Best Describes Your Problem

Thank you. Your Feedback will Help us Serve you better.

Leave a Comment

Your Mobile number and Email id will not be published. Required fields are marked *

*

*

BOOK

Free Class

Ask
Question