Advertisements
Advertisements
Question
Ashish deposits a certain sum of money every month is a Recurring Deposit Account for a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets ₹ 12,715 as the maturity value of this account, what sum of money did money did he pay every month?
Advertisements
Solution
Let Installment per month (P) = Rs. y
Number of months (n) = 12
Rate of interest (r) = 11% p.a
So,
∴ `S.I. = P xx (n(n + 1))/(2 xx 12) xx r/100`
= `y xx (12(12 + 1))/(2 xx 12) xx 11/100`
= `y xx 156/24 xx 11/100`
= Rs 0.715y
Hence,
Maturity value = Rs. (y × 12) + Rs. 0.715y = Rs. 12.715y
Given maturity value = Rs. 12,715
So, on equating we have
Rs. 12.715y = Rs 12,715
`\implies` y = `12715/12.715` = Rs. 1000
Therefore, the sum of money Ashish paid every month was Rs. 1000.
RELATED QUESTIONS
A page from the savings bank account of Mrs Ravi is given below.
| Date | Particulars | Withdrawal (Rs.) |
Deposit (Rs.) | Balance (Rs.) |
| April 3rd 2006 | B/F | 6000 | ||
| April 7th | By cash | 2300 | 8300 | |
| April 15th | By cheque | 3500 | 11800 | |
| May 20th | To self | 4200 | 7600 | |
| June 10th | By cash | 5800 | 13400 | |
| June 15th | To self | 3100 | 10300 | |
| August 13th | By cheque | 1000 | 11300 | |
| August 25th | To self | 7400 | 3900 | |
| September 6th 2006 |
By cash | 2000 | 5900 |
She closed the account on 30th September 2006. Calculate the interest Mrs Ravi earned
at the end of 30th September 2006 at 4.5% per annum interest. Hence, find the
amount she receives on closing the account.
Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs. 1200 as interest at the time of maturity, find:
- the monthly instalment.
- the amount of maturity.
Mrs. Mathew opened a Recurring Deposit Account in a certain bank and deposited ₹ 640 per month for 4 ½ years. Find the maturity value of this account, if the bank pays interest at the rate of 12% per year.
Each of A and B both opened a recurring deposit accounts in a bank. If A deposited Rs. 1,200 per month for 3 years and B deposited Rs. 1,500 per month for 2 ½ years; find, on maturity, who will get more amount and by how much? The rate of interest paid by the bank is 10% per annum.
Mrs. Geeta deposited Rs. 350 per month in a bank for 1 year and 3 months under the Recurring Deposit Scheme. If the maturity value of her deposits is Rs. 5,565; find the rate of interest per annum.
Mr. Burman open a saving back account with Bank of India on 3rd April 2007 with a cash deposit of Rs 5,000/-. Subsequently, he deposited Rs 16,500/- by cheque on 11th April 2007, withdraw Rs 4,000/- on 10th May, paid Rs 3,500 for insurance by cheque on 7th July 2007, deposited Rs. 6,000/- in cash on 9th August 2007 and withdrew Rs 1,500/- on 12th Oct 2007.
Make the entries in his passbook
Shrikant deposited 85,000 rupees for `2 1/2` years at 7 p.c.p.a. in a savings bank account. What is the total interest he received at the end of the period?
If Pankaj deposits 1,50,000 rupees in a bank at 10 p.c.p.a. for two years, what is the total amount he will get from the bank?
If the interest on 3000 rupees is 600 rupees at a certain rate for a certain number of years, what would the interest be on 1500 rupees under the same conditions?
Fill in the blanks in the table.
| Principal | Rate of interest (p.c.p.a.) | Time | Interest | Amount |
| 4200 | 7% | 3 years | ...... | ...... |
