Mathematics
Katrina opened a recurring deposit account with a Nationalised Bank for a period of 2 years. If the bank pays interest at rate of 6% per annum and the monthly instalment is ₹ 1000, find the :
(i) interest earned in 2 years
(ii) maturity value.
Banking
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Answer
(i) Given,
P = ₹ 1000, r = 6% and n = (2 × 12) = 24 months.
I =
Hence, the interest earned in 2 years = ₹ 1500.
(ii) Maturity value = Sum deposited + Interest
= ₹ 1000 × 24 + ₹ 1500
= ₹ 24000 + ₹ 1500
= ₹ 25500.
Hence, maturity value = ₹ 25500.
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