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Question
Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value. (2009)
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Solution
Deposit per month (P) = Rs. 1000
Period = 3 years = 36 months
Rate = 8%
Total principal
= `(36(36 + 1))/(2) xx 1000`
Interest
= `"PRT"/(100)`
= `(36 xx 37 xx 1000 x 8)/(2 xx 12 xx 100)`
= 12 x 37 x 10
= 4440
Matured value
= P x n + S.I.
= 1000 x 36 + 4440
= 36000 + 4440
= Rs.40440.
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