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Question
What should be minimum monthly deposit in a recurring deposit for 3 years to get Rs 20,220 on maturity after 3 years at an interest rate of 8% pa.
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Solution
Given that Recurring deposit per month = P, Period= 3 years = 36Months, R=8°/o, Maturity amount =Rs 20,220
Money deposited= Monthly value × No of Months = P × 36= Rs 36 P
Total Principal for 1 Month= P x (36)(36+1)/2= Rs 666P
Interest= Principal for One month x RI ( 12 x 100) ..... ( 1)
Putting Values in ( 1 ), we get
20220 - 36P= (666P x 8) / ( 12 x 100)
⇒ 20220-36P=4.44P
⇒ P = 20220/40.44 = Rs 500
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