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ICSE Class 10 Answered

Preeti deposited Rs. 1,500 per month in a bank for 8 months under the Recurring Deposit Scheme. What will be the maturity value of her deposits, if the rate of interest is 12% per annum and interest is calculated at the end of every month?
Asked by Topperlearning User | 05 Sep, 2017, 12:18: PM
answered-by-expert Expert Answer

The sum of money deposited every month = Rs. 1,500,

r = 12% p.a. for 8 months.

Time = (1 + 2 + …. + 8) months

 

begin mathsize 12px style straight n over 2 open parentheses straight n plus 1 close parentheses equals 8 over 2 open parentheses 8 plus 1 close parentheses equals 36 space months equals 36 over 12 equals space 3 space years Interest equals fraction numerator straight P cross times straight T cross times straight R over denominator 100 end fraction equals fraction numerator 1500 cross times 3 cross times 12 over denominator 100 end fraction equals space Rs. space 540 end style

 

Amount paid as instalments = Rs. (1500 × 8) = Rs. 12, 000

∴ The maturity value of her deposits = Rs. (12000 + 540) = Rs. 12, 540

Answered by | 05 Sep, 2017, 02:18: PM

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