Kirin deposited $200 per months in a bank's recurring deposit account. If The bank posts interest at the rate of 11% per annum. Find The amount, that she gets on the time of maturity.

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question

asked May 2, 2020 129k views

3 votes

Kirin deposited $200 per months in a bank's recurring deposit account. If The bank posts interest at the rate of 11% per annum. Find The amount, that she gets on the time of maturity.

Mathematics
middle-school

Carbontracking asked

by Carbontracking

7.6k points

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

6 votes

Answer:

$ 8,421

Explanation:

Here,

P = $200

R = 11% p.a

n = 36 months.

$maturity \: value \: = (prn(n + 1))/(2400) = (36)(200) + ((200)(11)(36)(37))/(2400) = 7200 + 1221 = 8421$

Caltor answered May 8, 2020

by Caltor

8.0k points

0 Comments

Please log in or register to add a comment.

Ask a Question

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

0 Comments

Please log in or register to add a comment.

Other Questions