Sweta deposits ₹ 350 per month in a recurring deposit account for one year at the rate of 8% p.a. The amount she will receive at the time of maturity is ______.

Question

KollegeApply · Accepted Answer

Sweta deposits ₹ 350 per month in a recurring deposit account for one year at the rate of 8% p.a. The amount she will receive at the time of maturity is ₹ 4382. Explanation: Given: Monthly deposit, P = ₹ 350 Time, n = 12 months Rate of interest, r = 8% per annum Total amount deposited: = P ⋅ n = 350 ⋅ 12 = ₹ 4200 Interest calculation: `I = (Pxxn(n+1)xxr)/(2xx12xx100) = (350xx12xx13xx8)/2400 =$\frac{436800}{2400}$` = ₹ 182 MV = ₹ 4200 + ₹ 182 = ₹ 4382

AChoose Your Answer