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Question
Mohan saves Rs. 25 per month from his pocket allowance and puts this saving every month in a bank recurring deposit scheme for a period of 72 months at 5.25%. What amount does he get on maturity?
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Solution
See the table of Recurring deposit scheme. Here the month by instalment is Rs. 25 and the number of instalments is 72.
So the maturity value is the amount given in the table against the row marked 72 and the column marked 25. This amount is 2,721.90.
Hence, on maturity, Mohan gets Rs. 2,721.90.
RELATED QUESTIONS
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| 01.01.03 01.02.03 12.02.03 05.04.03 15.04.03 09.05.03 04.06.03 |
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| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| Feb 8 | B/F | - | - | ₹ 8,500 |
| Feb 18 | To self | ₹ 4,000 | - | - |
| April 12 | By cash | - | ₹ 2,230 | - |
| June 15 | To self | ₹ 5,000 | - | - |
| July 8 | By cash | - | ₹ 6,000 | - |
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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.
