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Question
₹ 50 per month is deposited for 20 months in a recurring deposit account. If the rate of interest is 10%; the maturity value is ______.
Options
₹ 187.50
₹ 87.50
₹ 2,175
₹ 1,087.50
Solution
₹ 50 per month is deposited for 20 months in a recurring deposit account. If the rate of interest is 10%; the maturity value is ₹ 1,087.50.
Explanation:
Given P = ₹ 50,
n = 20 months,
R = 10%
Since, `I = P xx (n(n xx 1))/(2 xx 12) xx R/100`
= `50 xx (20 xx 21)/(2 xx 12) xx 10/100`
= 87.50
∴ M.V. = Total sum deposited + Interest
= (50 × 20) + 87.50
= 1087.50
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