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Question
Mrs. Chhabra deposits Rs 500 per month in a recurring deposit account for 4 years at a simple interest rate of 6% pa.
(a) Find the maturity value of deposit.
(b) Find the total interest she will earn after 2 years
Solution
Given that recurring deposit per month =Rs 500, Period= 4 years = 48 Months, R=6 %
Money deposited= Monthly value x No of Months
= 500 x 48 = Rs 24,000 ...... (1)
Total Principal for 1 Month= Rs `(500 xx (48) (48 + 1))/2` = Rs 588000
Interest = Rs `(6 xx 588000)/(12 xx 100)` = Rs 2940 ..........(2)
Hence Maturity Amount= (1) + (2)
=Rs (24,000 + 2,940)
Hence Maturity Amount= Rs 26,940
And Interest = Rs 2,940
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