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Mathematics

Inderjeet opened a cumulative time deposit account with Punjab National Bank. He deposited ₹360 per month for 2 years. If the rate of interest be 7% per annum, how much did he get at the time of maturity?

Banking

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Answer

Given,

P = ₹360

n = 2 years = 2 x 12 = 24 months

r = 7%

I = P×n(n+1)2×12×r100P \times \dfrac{n(n+1)}{2 \times 12} \times \dfrac{r}{100}

∴I=360×24×252×12×7100I=360×60024×0.07I=360×25×0.07I=₹630\therefore I = 360 \times \dfrac{24 \times 25}{2 \times 12} \times \dfrac{7}{100} \\[1em] I = 360 \times \dfrac{600}{24} \times 0.07 \\[1em] I = 360 \times 25 \times 0.07 \\[1em] I = ₹630

Sum deposited = ₹360 x 24 = ₹8,640

Maturity value = Sum deposited + Interest = ₹8,640 + ₹630 = ₹9,270

Hence, Inderjeet got ₹9,270 at the time of maturity.

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