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Question
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?
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Solution
Installment per month(P) = Rs 150
Number of months(n) = 8
Rate of interest(r) = 8% p.a.
`:. "S.I" = "P" xx ("n"("n" + 1))/(2 xx 12) xx "r"/100`
`= 150 xx (8(8 + 1))/(2 xx 12) xx 8/100`
`= 150 xx 72/24 xx 8/100 = "Rs " 36`
The amount that Amit will get at the time of maturity
= Rs (150 × 8) + Rs 36
= Rs 1,200 + Rs 36
= Rs 1,236
RELATED QUESTIONS
Virat opened a Savings Bank account in a bank on 16th April 2010. His pass book shows the following entries:
| Date | Particulars |
Withdrawal (Rs.) |
Deposit (Rs.) | Balance (Rs.) |
| April 16, 2010 | , By cash | - | 2500 | 2500 |
| April 28th | By cheque | - | 3000 | 5500 |
| May 9th | To cheque | 850 | - | 4650 |
| May 15th | By cash | 1600 | 6250 | |
| May 24th | To cash | 1000 | - | 5250 |
| June 4th | To cash | 500 | - | 4750 |
| June 30th | To cheque | - | 2400 | 7150 |
| July 3rd | By cash | - | 1800 | 8950 |
Calculate the interest Virat earned at the end of 31st July 2010 at 4% per annum interest. What sum of money will he receive if he closed the account on 1st August 2010?
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Amount (Rs.) |
Amount deposited (Rs.) |
Balance (Rs.) |
| 03/04/2006 | B/F | 4000.00 | ||
| 05/04/2006 | By cash | 2000.00 | 6000.00 | |
| 18/04/2006 | By cheque | 6000.00 | 12000.00 | |
| 25/05/2006 | By cheque | 5000.00 | 7000.00 | |
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| 20/07/2006 | By self | 4000.00 | 6000.00 | |
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Fill in the blanks in the table.
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| ...... | 5% | ...... | 6000 | 18000 |
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