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Compound Interest
- Compound Interest as a Repeated Simple Interest Computation with a Growing Principal
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- Definition: R.D. Account
- Maturity Period:
- Maturity Value (M.V.):
- Formula: Equivalent Principal for One Month
- Formula: Interest on R.D. Account
- Formula: Maturity Value (M.V.)
- Examples
CISCE: Class 10
Definition: Recurring Deposit Account (R.D. Account)
A scheme in which a fixed amount is deposited every month for a fixed period.
CISCE: Class 10
Definition: Maturity Period
Total time (in months/years) for which deposits are made.
CISCE: Class 10
Definition: Maturity Value (M.V.)
Total amount received at the end = Total deposits + Interest.
CISCE: Class 10
Formula: Interest on R.D.
\[I=P\times\frac{n(n+1)}{2\times12}\times\frac{r}{100}\]
Months = Years × 12
-
P = Monthly instalment
-
n = Number of months
-
r = Rate of interest (% p.a.)
-
I = Interest
-
M.V. = Maturity Value
CISCE: Class 10
Formula: Total Amount Deposited
Total Deposit = P × n
CISCE: Class 10
Formula: Maturity Value
M.V. = P × n + I
Shaalaa.com | Banking Example 1
Related QuestionsVIEW ALL [112]
A page from the savings bank account of Mr. Prateek if given below.
| Date | Particulars | Withdrawals (In Rs) | Deposits (In Rs) | Balance (In Rs) |
| January 1st 2006 | B/F | - | - | 1,270 |
| January 7th 2006 | By Cheque | - | 2,310 | 3,580 |
| March 9th 2006 | To self | 2,000 | - | 1,580 |
| March 26th 2006 | By cash | - | 6,200 | 7,780 |
| June 10th 2006 | To Cheque | 4,500 | - | 3,280 |
| July 15th 2006 | By clearing | - | 2,630 | 5,910 |
| October 18th 2006 | To Cheque | 530 | - | 5,380 |
| October 27th 2006 | To self | 2,690 | - | 2,690 |
| November 3rd 2006 | By cash | - | 1,500 | 4,190 |
| December 6th 2006 | To cheque | 950 | - | 3,240 |
| December 23rd 2006 | By Transfer | - | 2,920 | 6,160 |
If h receives Rs. 198 as interest on 1st January, 2007, Find the rate of interest paid by the bank.
Mr. Mishra has a Savings Bank Account in Allahabad Bank. His passbook entries are as follows:
| Date | Particulars | Amount Withdrawals(₹) |
Amount Deposits(₹) | Amount Balance(₹) |
| Jan. 4, 2007 | By Cash | - | 1,000·00 | 1,000·00 |
| Jan. 11, 2007 | By Cheque | - | 3,000·00 | 4,000·00 |
| Feb. 3, 2007 | By Cash | - | 2,500·00 | 6,500·00 |
| Feb. 7, 2007 | To Cheque | 2,000·00 | - | 4,500·00 |
| March 3, 2007 | By Cash | - | 5,000·00 | 9,500·00 |
| May 25, 2007 | By Cash | - | 2,000·00 | 11,500·000 |
| June 7, 2007 | By Cash | - | 3,500·00 | 15,000·00 |
| Aug 29, 2007 | To Cheque | 1,000·00 | - | 14,000·00 |
Rate of interest paid by the bank is 4.5% per annum. Mr. Mishra closes his account on 30th October, 2007. Find the interest he receives.
