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Question
Kiran deposited 200 per month for 36 months in a bank’s recurring deposit account. If the bank pays interest at the rate of 11% per annum, find the amount she gets on maturity.
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Solution
Interset = `("P"n(n +1) xx "R")/(2,400)`
= `(200 xx 36 xx 37 xx 11)/(2,400)`
= 3 x 37 x 11
= ₹ 1,221
Sum deposited = 36 x 200 = ₹ 7,200
Amount = 7,200 + 1,221 = ₹ 8,421.
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| 2006 | ||||
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