Question
Mon March 30, 2015 By: Asmitanair17

shweta deposits $350 per month in a recurring deposit account for one year at the rate of 8% p.a. find the account she will receive at the time of maturity

Expert Reply
Vijaykumar Wani
Mon March 30, 2015
straight P equals space $ 350 space comma space straight n equals space 1 space year space equals space 24 space months comma space straight r equals space 8 %  Maturity space value space of space the space recurring space deposit equals Pxn plus Px fraction numerator straight n left parenthesis straight n plus 1 right parenthesis over denominator 2 end fraction straight x fraction numerator straight r over denominator 12 cross times 100 end fraction equals 350 cross times 24 plus 350 cross times fraction numerator 24 open parentheses 25 close parentheses over denominator 2 end fraction cross times fraction numerator 8 over denominator 12 cross times 100 end fraction equals 8400 plus 700 equals 9100  The space maturity space value space is space $ 9 comma 100.
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