Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value. (2009)
Solution:
Deposit per month (P) = Rs. 1000
Period = 3 years = 36 months
Rate = 8%
Kiran deposited Rs. 200 per month for 36 months in a bank’s recurring deposit account. If the banks pays interest at the rate of 11% per annum, find the amount she gets on maturity.
Solution:
Amount deposited month (P) = Rs. 200
Period (n) = 36 months,
Rate (R) = 11% p.a.
Now amount deposited in 36 months = Rs. 200 x 36 = Rs 7200