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Question
Radha deposited ₹ 400 per month in a recurring deposit account for 18 months. The qualifying sum of money for the calculation of interest is ______.
Options
₹ 3600
₹ 7200
₹ 68,400
₹ 1,36,800
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Solution
Radha deposited ₹ 400 per month in a recurring deposit account for 18 months. The qualifying sum of money for the calculation of interest is ₹ 68,400.
Explanation:
Given: Monthly deposit (P) = ₹ 400
Duration (n) = 18 months
The qualifying sum of money can be calculated using the formula for the total amount deposited in an RD account:
Qualifying sum = `P xx n xx ((n + 1)/2)`
= `400 xx 18 xx ((18 + 1)/2)`
= 400 × 18 × 9.5
= 68,400
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