Question

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.​

Answer 1

$ 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`