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Question
Mr. Sharma deposited Rs 500 every month in a cumulative deposit account for 2 years. If the bank pays interest at the rate of 7% per annum, then the amount he gets on maturity is
Options
Rs875
Rs6875
Rs10875
Rs12875
Solution
Deposit (P) = Rs 500 per month
Period (n) = 2 years = 24 months
Rate (r) = 7% p.a.
∴ Interest
= `("P" xx "n" xx ("n" + 1))/(2 xx 12) xx "r"/(100)`
= `(500 xx 24 xx 25 xx 7)/(2 xx 12 xx 100)`
= ₹875
∴ Maturity value
= P x 24 + Interest
= ₹500 x 24 + 875
= ₹12000 x 875
= ₹12875.
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