Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum.

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%
ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking Ex 2 Q3.1

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
ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking Ex 2 Q4.1

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