Final answer:
The accumulated amount of a deposit of Rs 500 at the end of each month for 4 years and 3 months compounded monthly at 10% is approximately Rs 27,591.12.
Step-by-step explanation:
To find the accumulated amount of a deposit of Rs 500 at the end of each month compounded monthly at 10%, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
- A is the accumulated amount
- P is the principal amount (initial deposit)
- r is the annual interest rate (in decimal form)
- n is the number of times the interest is compounded per year
- t is the number of years
In this case, P = Rs 500, r = 10/100 = 0.1, n = 12 (compounded monthly), and t = 4 years and 3 months = 4 + 3/12 = 4.25 years.
Plugging in these values into the formula:
A = 500(1 + 0.1/12)^(12*4.25)
A ≈ Rs 27,591.12
Therefore, the accumulated amount at the end of 4 years and 3 months is approximately Rs 27,591.12.