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Question
Mr. Richard has a recurring deposit account in a bank for 3 years at 7.5% p.a. simple interest. If he gets Rs. 8325 interest at the time of maturity, find:
- The monthly deposit
- The maturity value.
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Solution
i. Let the deposit per month = Rs. P
Number of months (n) = 36
Rate of interest (r) = 7.5% p.a.
∴ `S.I = Pxx(n(n + 1))/(2 xx 12) xx r/100`
`\implies 8325 = P xx (36 xx 37)/(2 xx 12) xx (7.5)/100`
`\implies 8325 = P xx (3 xx 37)/2 xx 7.5/100`
`\implies` P = `(8325 xx 2 xx 100)/(3 xx 37 xx 7.5)`
`\implies` P = Rs. 2000
ii. Maturity value = P × n + S.I
= Rs. (2000 × 36 + 8325)
= Rs. 80,325
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