Advertisements
Advertisements
Question
Sweta deposits ₹ 350 per month in a recurring deposit account for one year at the rate of 8% p.a. The amount she will receive at the time of maturity is ______.
Options
₹ 4284
₹ 4316
₹ 4382
₹ 4476
MCQ
Fill in the Blanks
Advertisements
Solution
Sweta deposits ₹ 350 per month in a recurring deposit account for one year at the rate of 8% p.a. The amount she will receive at the time of maturity is ₹ 4382.
Explanation:
Given:
Monthly deposit, P = ₹ 350
Time, n = 12 months
Rate of interest, r = 8% per annum
Total amount deposited:
= P ⋅ n
= 350 ⋅ 12
= ₹ 4200
Interest calculation:
`I = (Pxxn(n+1)xxr)/(2xx12xx100)`
`= (350xx12xx13xx8)/2400`
`=436800/2400`
= ₹ 182
MV = ₹ 4200 + ₹ 182
= ₹ 4382
shaalaa.com
Is there an error in this question or solution?
