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Question
Amit deposited Rs 150 per month in a bank for 8 months under the Recurring Deposit Scheme. What will be the maturity value of his deposits, if the rate of interest is 8% per annum and interest is calculated at the end of every month?
Solution
Installment per month(P) = Rs 150
Number of months(n) = 8
Rate of interest(r) = 8% p.a.
`:. "S.I" = "P" xx ("n"("n" + 1))/(2 xx 12) xx "r"/100`
`= 150 xx (8(8 + 1))/(2 xx 12) xx 8/100`
`= 150 xx 72/24 xx 8/100 = "Rs " 36`
The amount that Amit will get at the time of maturity
= Rs (150 × 8) + Rs 36
= Rs 1,200 + Rs 36
= Rs 1,236
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