Shankar deposited 300 per month in a bank for 8 months in a recurring deposit account. If the rate of interest is 8% p.a., the maturity value of his deposit is ______.

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Shankar deposited ₹ 300 per month in a bank for 8 months in a recurring deposit account. If the rate of interest is 8% p.a., the maturity value of his deposit is ₹ 2472. Explanation: Given: Monthly deposit, P = ₹ 300 Time, n = 8 months Rate of interest, r = 8% per annum Total amount deposited: P ⋅ n = 300 ⋅ 8 = ₹ 2400 Interest calculation: `I = (Pxxn(n+1)xxr)/(2xx12.100) = (300xx8xx9xx8)/2400 = $\frac{172800}{2400}$` = ₹ 72 MV = ₹ 2400 + ₹72 = ₹ 2472

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