Advertisements
Advertisements
Question
Ashish deposits a certain sum of money every month is a Recurring Deposit Account for a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets ₹ 12,715 as the maturity value of this account, what sum of money did money did he pay every month?
Solution
Let Installment per month (P) = Rs. y
Number of months (n) = 12
Rate of interest (r) = 11% p.a
So,
∴ `S.I. = P xx (n(n + 1))/(2 xx 12) xx r/100`
= `y xx (12(12 + 1))/(2 xx 12) xx 11/100`
= `y xx 156/24 xx 11/100`
= Rs 0.715y
Hence,
Maturity value = Rs. (y × 12) + Rs. 0.715y = Rs. 12.715y
Given maturity value = Rs. 12,715
So, on equating we have
Rs. 12.715y = Rs 12,715
`\implies` y = `12715/12.715` = Rs. 1000
Therefore, the sum of money Ashish paid every month was Rs. 1000.
APPEARS IN
RELATED QUESTIONS
Shahrukh opened a ‘Recurring Deposit’ account in a bank and deposited Rs. 800 per month for 1½ years. If he received Rs. 15,084 at the time of maturity, find the rate of interest per annum.
Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits Rs. 140 per month for 4 years. If he gets Rs. 8,092 on maturity, find the rate of interest given by the bank.
A recurring deposit account of Rs. 1,200 per month has a maturity value of Rs. 12,440. If the rate of interest is 8% and the interest is calculated at the end of every month; find the time (in months) of this Recurring Deposit Account.
Ms. Chitra opened a saving bank account with SBI on 05.04.2007 with a cheque deposit of Rs 11,000/.Subsequently, she took out Rs 3,200/- on 12.05.2007; deposited a cheque of Rs. 8,800/- on 03.06.2007 and paid Rs 2,000/- by cheque on 18.06.2007.
Make the entries in her passbook
Ms. Chitra opened a saving bank account with SBI on 05.04.2007 with a cheque deposit of Rs 11,000/.Subsequently, she took out Rs 3,200/- on 12.05.2007; deposited a cheque of Rs. 8,800/- on 03.06.2007 and paid Rs 2,000/- by cheque on 18.06.2007.
If the rate of simple interest was 5% pa compounded at the end of March and September, find her balance on 1.04.2008
If Rihanna deposits 1500 rupees in the school fund at 9 p.c.p.a for 2 years, what is the total amount she will get?
Jethalal took a housing loan of 2,50,000 rupees from a bank at 10 p.c.p.a. for 5 years. What is the yearly interest he must pay and the total amount he returns to the bank?
If Pankaj deposits 1,50,000 rupees in a bank at 10 p.c.p.a. for two years, what is the total amount he will get from the bank?
If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be ______.
Nasruddin and Mahesh invested Rs 40,000 and Rs 60,000 respectively to start a business. They made a profit of 30%. How much profit did each of them make?
