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Question
Pramod deposits Rs. 600 per month in a Recurring Deposit Account for 4 years. If the rate of interest is 8% per year; calculate the maturity value of his account.
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Solution
Installment per month (P) = Rs. 600
Number of months (n) = 48
Rate of interest (r) = 8% p.a
∴ `S.I. = P xx (n(n + 1))/(2 xx 12) xx r/100`
= `600 xx (48(48 + 1))/(2 xx 12) xx 8/100`
= `600 xx 2352/24 xx 8/100`
= Rs. 4704
The amount that pramod will get at the time of maturity
= Rs. (600 × 48) + Rs. 4,704
= Rs. 28,800 + Rs. 4,704
= Rs. 33,504
RELATED QUESTIONS
Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits Rs. 600 per month for 20 months. Calculate the maturity value of this account, if the bank pays interest at the rate of 10% per annum.
David opened a Recurring Deposit Account in a bank and deposited Rs. 300 per month for two years. If he received Rs. 7,725 at the time of maturity, find the rate of interest per annum.
Gopal has a cumulative deposit account and deposits Rs. 900 per month for a period of 4 years he gets Rs. 52,020 at the time of maturity, find the rate of interest.
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.
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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.
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A page of Passbook of Mrs. C. Malik Savings Bank Account in year 2002 is given below:
| Date Year 2002 | Particulars | Amount Withdrawn (in ₹) |
Amount Deposited (in ₹) |
Balance (in ₹) |
| Jan. 1 | By Balance | - | - | 2,100·00 |
| Jan. 7 | By Cash | - | 1,000·00 | 3,100·00 |
| Feb. 1 | By Cash | - | 500·00 | 3,600·00 |
| Feb. 15 | To Cheque | 2,000·00 | - | 1,600·00 |
| March 15 | By Cash | - | 2,000·00 | 3,600·00 |
| March 20 | To Cheque | 1,000·00 | - | 2,600·00 |
| June 12 | By Cash | - | 3,000·00 | 5,600·00 |
| June 28 | To Cheque | 1,000·00 | - | 4,600·00 |
| Oct. 15 | To Cheque | 3,000·00 | - | 4,600·00 |
| Nov. 5 | By Cash | - | 1,500·00 | 3,100·00 |
| Dec. 10 | By Cash | - | 500·00 | 3,600·00 |
| Dec. 20 | To Cheque | 1,000·00 | - | 2,600·00 |
If the rate of interest decreases from 5% to 4% with effect from June 1st, 2002, compute the interest at the end of the year.
Haneef has a cumulative bank account and deposits Rs. 600 per month for a period of 4 years. If he gets Rs. 5880 as interest at the time of maturity, find the rate of interest.
Mrs. Asha Mehta deposit Rs 250 per month for one year in a bank’s recurring deposit account. If the rate of (simple) interest is 8% per annum, then the interest earned by her on this account is
Mr. Sharma deposited Rs 500 every month in a cumulative deposit account for 2 years. If the bank pays interest at the rate of 7% per annum, then the amount he gets on maturity is
₹ 800 per month is deposited in an R.D. account for one and half years. If the depositor gets ₹ 2,280 as interest at the time of maturity, the rate of interest is ______.
