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Question
Mrs Khandelkar invests Rs 900 every month in a recurring deposit account for a period of 3 years at a simple interest rate of 8% pa
(a) Find the total interest she will earn at the end of the period.
(b) Find the maturity value of her deposits.
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Solution
Given that Recurring deposit per month =Rs 900, Period= 3 years = 36 Months, R=8 %
Money deposited= Monthly value x No of Months
= 900 x 36 = Rs 32,400 ...... (1)
Total Principal for 1 Month=Rs `(900 xx (36)(36 + 1))/2` = Rs 599400
Interest = Rs `(8 xx 599400)/(12 xx 100)` = Rs 3996 .......(2)
Hence Maturity Amount= (1) + (2)
=Rs (32,400 + 3,996)
Hence Maturity Amount= Rs 36,396
And Interest= Rs 3,996
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