Advertisements
Advertisements
प्रश्न
Sajal invests ₹ 600 per month for `2 1/2` years in a recurring deposit scheme of Oriental Bank of Commerce. If the bank pays simple interest at `6 2/3 %` per annum, find the amount received by him on maturity.
Advertisements
उत्तर
Given:
Monthly instalment (P) = ₹ 600
Time = `2 1/2` years = 2.5 × 12 = 30 months (n = 30)
Rate = `6 2/3 %` p.a. = `20/3 %` = 1/15 (decimal)
Step-wise calculation:
1. Use the standard recurring‑deposit (simple interest) interest formula:
`I = P × (n(n + 1))/(2 × 12) × r/100`
2. Substitute P = 600, n = 30, r = `20/3`:
`(n(n + 1))/(2 xx 12) = (30 xx 31)/24`
= `930/24`
= 38.75
r (decimal) = `1/15`
`I = 600 xx 38.75 xx 1/15`
= `600/15 xx 38.75`
= 40 × 38.75
= ₹ 1,550
3. Total amount deposited = P × n
= 600 × 30
= ₹ 18,000
Maturity amount = Total deposit + Interest
= 18,000 + 1,550
= ₹ 19,550
Sajal will receive ₹ 19,550 on maturity.
