1.

) Sonia had a recurring deposit account in a bank and deposited Rs.600 per month for 2rate of interest was 10% per annum, find the maturity value of this account.

Answer»

p=Rs.600r=10%n=5/2years =30monthsmv=p*n+p*n(n+1)/2*12*r/100mv=600*30+600*30(30+1)/2*12*10/100mv=18000+18000*31/24*10mv=18000+2325mv=Rs.20325



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