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Question
Kiran deposited Rs. 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 1
P = Rs. 200, n = 36 months and r = 11%
`I = P xx (n(n + 1))/(2xx12) xx r/100`
`=> I = Rs 200 xx (36 xx 37)/24 xx 11/100` = Rs 1221
Sum deposited Rs.200 x 36 = Rs. 7200
∴ Amount that kiran gets on maturity = Rs 7200 + Rs 1221 = Rs 8421
Solution 2
Amount deposited month (P) = Rs. 200
Period (n) = 36 months,
Rate (R) = 11% p.a.
Now amount deposited in 36 months = Rs. 200 x 36 = Rs 7200
Simple Interest(S.I.)
= `"P"(("n"("n" + 1))/2) xx (1)/(12) xx "R"/(100)`
= `200((36(36 + 1))/2) xx (1)/(12) xx (11)/(100)`
= `(200 xx 36 xx 37 xx 11)/(2 xx 12 xx 100)`
= 1221
∴ Kiran will get maturity value
= Rs.7200 + 1221
= Rs.8421.
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