Shweta deposits Rs. 350 per month in a recurring deposit account for one year at the rate of 8% p.a. Find the amount she will receive at the time of maturity.
Solution:
Deposit per month = Rs 350,
Rate of interest = 8% p.a.
Period (x) = 1 year
= 12 months
Salom deposited Rs 150 per month in a bank for 8 months under the Recurring Deposit Scheme. ‘What will be the maturity value of his deposit if the rate of interest is 8% per annum?
Solution:
Deposit per month = Rs. 150
Rate of interest = 8% per
Period (x) = 8 month
