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Mohan has a Recurring Deposit Account in State Bank of India and deposits Rs150 per month in a

bank for 8 months. What will be the maturing value of his deposits if the rate of interest is 8% per
annum and interest is calculated at the end of every month?

User HaveF
by
8.9k points

1 Answer

3 votes

Answer:

rs 1236

Explanation:

Given

P=Rs 150 per month.

r=8% p.a

n=8 month

M.V=Pn+

2×12

P×n(n+1)

×

100

r

=(150×8)+

24

150×(8×9)

×

100

8

=1236

∴ Maturity Value =Rs 1236

User Kiran Jonnalagadda
by
8.4k points