Advertisements
Advertisements
Question
₹ 50 per month is deposited for 20 months in a recurring deposit account. If the rate of interest is 10%; the maturity value is ______.
Options
₹ 187.50
₹ 87.50
₹ 2,175
₹ 1,087.50
Advertisements
Solution
₹ 50 per month is deposited for 20 months in a recurring deposit account. If the rate of interest is 10%; the maturity value is ₹ 1,087.50.
Explanation:
Given P = ₹ 50,
n = 20 months,
R = 10%
Since, `I = P xx (n(n xx 1))/(2 xx 12) xx R/100`
= `50 xx (20 xx 21)/(2 xx 12) xx 10/100`
= 87.50
∴ M.V. = Total sum deposited + Interest
= (50 × 20) + 87.50
= 1087.50
APPEARS IN
RELATED QUESTIONS
Mrs Khandelkar invests Rs 900 every month in a recurring deposit account for a period of 3 years at a simple interest rate of 8% pa
(a) Find the total interest she will earn at the end of the period.
(b) Find the maturity value of her deposits.
Aarushi has a recurring deposit account for 2 years at 6% pa. She receives Rs 1,125 as interest on maturity.
(a) Find the monthly instalment amount.
(b) Find the maturity amount.
Mr. Mohan has a cumulative deposit account for 3 years at 7% interest pa. She receives Rs 8,547 as a maturity amount after 3 years.
(a) Find the monthly deposit.
(b) Find the total interest receivable after maturity.
Ms. Saha opened a cumulative deposit account of monthly instalment of Rs 1,200 at 9%p.a simple interest. She earned a total interest of Rs 5,328. How much installments did she pay?
Akash, an employee of a bank, has a saving bank account in his bank that pays him
interest at the rate of 5% p.a., which is compounded every June and December. His passbook entries are as follow:
| Date | Particulars | Withdrawals(₹) | Deposits(₹) | Balance(₹) |
| Feb. 3, 1981 | By cash | - | 500·00 | 500·00 |
| Feb, 11 | To cheque no. 371 | 200·00 | - | 300·00 |
| Feb. 11 | By cheque | - | 700·00 | 1,000·00 |
| March 1 | By salary | - | 2,350·00 | 3,350·00 |
| March 4 | To withdrawals slip | 1,500·00 | - | 1,850·00 |
| March 31 | To Urnil | 150·00 | - | 1,700·00 |
| April 1 | By salary | - | 2.350·00 | 4,050·00 |
| April 2 | To Sri Ram | 1,800·00 | - | 2,250·00 |
| May 1 | By salary | - | 2,350·00 | 4,600·00 |
| May 3 | To accountant | 2,000·00 | - | 2,600·00 |
Calculate the interest due at the end of June and find the balance on July 1, if he deposits a cash of? 100 on July 1, which is also entered immediately.
Mr. R.K. Nair gets Rs 6,455 at the end of one year at the rate of 14% per annum in a recurring deposit account. Find the monthly installment.
Mr. Dhruv deposits Rs 600 per month in a recurring deposit account for 5 years at the rate of 10% per annum (simple interest). Find the amount he will receive at the time of maturity.
Mr. Sameer has a recurring deposit account and deposits ₹ 600 per month for 2 years. If he gets ₹ 15600 at the time of maturity, find the rate of interest earned by him.
In a recurring deposit account, Mohit deposited ₹ 5,000 per month for one year and at maturity gets ₹ 67,500; the total interest earned is ______.
A certain money is deposited in a recurring deposit account for 15 months. If the interest earned for this deposit is one-fifth of the monthly instalment; the rate of interest is ______.
