Question

Mr. Anuj deposits ₹500 per month for 18 months in a recurring deposit account at a certain rate. If he earns ₹570 as interest at the time of maturity, then his matured amount is ______.

Options

• ₹(500 × 18 + 570)

• ₹(500 × 19 + 570)

• ₹(500 × 18 × 19 + 570)

• ₹(500 × 9 × 19 + 570)

Answer 1

Mr. Anuj deposits ₹500 per month for 18 months in a recurring deposit account at a certain rate. If he earns ₹570 as interest at the time of maturity, then his matured amount is ₹(500 × 18 + 570).

Explanation:

We have,

P = ₹500, n = 18 months

I = ₹570

Then, his mature amount is,

P × n + I = ₹(500 × 18 + 570)