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Question
Shweta deposits Rs. 350 per month in a recurring deposit account for one year at the rate of 8% p.a. Find the amount she will receive at the time of maturity.
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Solution
Deposit per month = Rs 350,
Rate of interest = 8% p.a.
Period (x) = 1 year
= 12 months
∴ Total principal for one month
= `350 xx (x(x + 1))/(2)`
= `"Rs".350 xx (12 xx 13)/(2)`
= Rs.350 x 78
= Rs.27300
∴ Interest
= `"prt"/(100)`
= `(27300 xx 8 xx 1)/(100 xx 12)`
= Rs.182
∴ Amount of Maturity
= Rs.350 x 12 + Rs.182
= Rs.4200 + 182
= Rs.4382.
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