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Question
Sonia had a recurring deposit account in a bank and deposited Rs. 600 per month for 2 1/2 years. If the rate of interest was 10% p.a., find the maturity value of this account.
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Solution
Given: P = Rs. 600, n 30months and r = 10%
∴ I = `Rs(600 xx (30(30+1))/(2xx12) xx 10/100) = Rs 2325`
Since sum deposited = P x n = Rs. 600 x 30 Rs. 18000.
Thus, the maturity value Rs. (18000 + 2325) = Rs. 20325
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| April 3rd 2006 | B/F | 6000 | ||
| April 7th | By cash | 2300 | 8300 | |
| April 15th | By cheque | 3500 | 11800 | |
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Fill in the blanks in the table.
| Principal | Rate of interest (p.c.p.a.) | Time | Interest | Amount |
| 4200 | 7% | 3 years | ...... | ...... |
