Mr. Goswami deposits 1000 every month in a recurring deposit account for 3 years at 8% p.a. The maturity value is ______.

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Mr. Goswami deposits 1000 every month in a recurring deposit account for 3 years at 8% p.a. The maturity value is ₹ 40440. Explanation: Given: Monthly deposit, P = ₹ 1000 Time, n = 3 years = 36 months Rate of interest, r = 8% per annum Total amount deposited: P ⋅ n = 1000 ⋅ 36 = ₹ 36000 Interest calculation: `I = (Pxxn(n+1)xxr)/(2xx12xx100) = (1000xx36xx37xx8)/2400 = $\frac{10656000}{2400}$` = ₹ 4440 Maturity value: MV = ₹ 36000 + ₹ 4440 = ₹ 40440

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