Question

Mohan opened a Recurring deposit Account in a bank for five year and deposite 100 RS every month. If the rate of interest 6% per annum them how much money will he get after 5 years.​​

Answer 1

Rs.6915after5years

Answer 2

Answer:

☼︎Information Provided:

• Mohan opened a Recurring deposit Account in a bank for five years

• He deposited Rs.100 every month

• Rate of interest is 6% per annum

☼︎What we have to calculate :

• How much money will he get after 5 years?

☼︎Using Formulas :

☼︎Maturity value:-

`\boxed{\sf{\longmapsto \: M.V. \: = \: P * \: n \: + \: I }}`

☼︎Interest:-

`\boxed{\sf{\longmapsto \: I\: = \: P * \: (n(n + 1))/(2 * 12) \: + \: (r)/(100) }}`

☼︎In both the formulas,

• P is Principal

• n is number of months

• r is rate of interest

☼︎Performing Calculations :

Finding out the interest by substituting the values in the given formula of calculating the interest~

☼︎Number of months :

☼︎We know that,

• 1 year = 12 months

• 5 years = 12 × 5 months

• 5 years = 60 months

☼︎We have :

• P is 100

• r is 6%

• n is 60

☼︎Putting the values :

`\: \tt { \longmapsto \: I \ \: = \: 100 * (60(60 + 1))/(2 * 12) \: * \: (6)/(100) }`

`\: \sf{I \: = \:100 * (60(61))/(2 * 12) \: * \: (6)/(100) }`

`\: \sf{I \: = \:100 * (60 * 61)/(2 * 12) \: * \: (6)/(100) }`

`\: \sf{I \: = \: 100 * (3660)/(24) \: * \: (6)/(100) }`

`\: \sf{I \: = \: \frac{3660}{ \cancel{24}} \: * \: \cancel {6}}:⟼I=243660×6`

`: \longmapsto \: \sf{I \: = \: (3660)/(4)}`

`: \longmapsto \: \sf{I \: = \: \cancel(3660)/(4)}`

`: \longmapsto \: \boxed{ \mathfrak \green{{I \: = \: 915} }}`

☼︎Now, putting the values in formula of M.V. :

`{ \underline {\rule{9cm}{0.3cm}}}`

`... \: \sf{\longmapsto \: M.V. \: = \: 100 \: * \: 60 + \: 915}`

`... \sf{ \longmapsto\: M.V. \: = \: 6000 + \: 915}:`

`... \longmapsto \: \boxed{\pink{\sf{M.V. \: = \mathfrak {6915}}}}:`

`\underline{\bf{Hence \: he \: would \: get \: Rs.6915 \: after \: 5 \: years}}`

`{ \underline {\rule{9cm}{0.3cm}}}`

☼︎Additional Information

Interest (I) received on maturity on the investment of Rs P per month at the rate of r % per annum for n months is

`\bold{ \red{\boxed{\text{I} = \text{P} * \frac{ \text{n(n + 1)}}{24} * \frac{ \text{r}}{100} }}}`

Maturity Value (MV)

Received on maturity on the investment of Rs P per month at the rate of r % per annum for n months is also given by

`\begin{gathered} \pink{\boxed{\rm{ MV \: = \: \text{P} \: + \: I \: }}} \\ \end{gathered}`

`{ \underline {\rule{9cm}{0.3cm}}}`