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Question
Mr. Mohan has a cumulative deposit account for 3 years at 7% interest pa. She receives Rs 8,547 as a maturity amount after 3 years.
(a) Find the monthly deposit.
(b) Find the total interest receivable after maturity.
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Solution
Given that cumulative deposit per month = P, Period= 3 years = 36 Months, R=7°/o, Maturity amount =Rs 8,547
Money deposited = Monthly value x No of Months= P x 36= Rs 36 P
Total Principal for 1 Month = Rs `("P" xx (36)(36 + 1))/2` = Rs 666 P
Interest= Principal for One month x R/ (12 x 100) ..... ( 1)
Putting Values in (1), we get
Rs 8547 - 36 P = `(666 "P" xx 7)/(12 xx 100)`
8547 - 36P = 3.885P
⇒ P = Rs 214.3
Interest amount = 8547 - 36 P
= Rs 832 Interest amount = 832
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