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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.
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Solution
`P = (36(36 +1))/(2) xx 1000`
Interest = `(36 xx 37 xx 1000 xx 8)/(2 xx 12 xx 100)`
= 12 × 37 × 10
= 4,440
Matured valued = 36,000 + 4,440
= ₹ 40,440
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