Ankita started paying Rs 400 per month in a 3 years recurring deposit. After six months her brother Anshul started paying Rs 500 per month in a
years recurring deposit. The bank paid 10% p.a. simple interest for both. At maturity who will get more money and by how much?
Solution:
In case of Ankita,
Deposit per month = Rs 400
Period (n) = 3 years = 36 months
Rate of interest = 10%
Total principal for one month