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Question
Mr. Dhruv deposits Rs 600 per month in a recurring deposit account for 5 years at the rate of 10% per annum (simple interest). Find the amount he will receive at the time of maturity.
Solution
Deposit per month = Rs 600
Rate of interest = 10% p.a.
Period(n) = 5 years 60 months.
Total principal for one month
= `₹600 xx ("n"("n" + 1))/(2)`
= `₹600 xx (60(60 + 1))/(2)`
= `₹(600 xx 60 xx 61)/(2)`
= ₹1098000
Interest
= `"prt"/(100)`
= `(1098000 xx 10 xx 1)/(100 xx 12)`
= ₹9150
∴ Amount of maturity
= ₹600 x 60 + ₹9150
= ₹36000 + ₹9150
= ₹45150.
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