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Question
Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value.
Solution
P = `(36(36 +1))/(2)` x 1,000
Interest = `(36 xx 37 xx 1,000 xx 8)/(2 xx 12 xx 100)`
= 12 x 37 x 10
= 4,440
Matured valued = 36,000 + 4,440 = ₹ 40,440.
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