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Question
Pramod deposits Rs. 600 per month in a Recurring Deposit Account for 4 years. If the rate of interest is 8% per year; calculate the maturity value of his account.
Solution
Installment per month (P) = Rs. 600
Number of months (n) = 48
Rate of interest (r) = 8% p.a
∴ `S.I. = P xx (n(n + 1))/(2 xx 12) xx r/100`
= `600 xx (48(48 + 1))/(2 xx 12) xx 8/100`
= `600 xx 2352/24 xx 8/100`
= Rs. 4704
The amount that pramod will get at the time of maturity
= Rs. (600 × 48) + Rs. 4,704
= Rs. 28,800 + Rs. 4,704
= Rs. 33,504
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