Kiran deposited ₹200 per month for 36 months in a bank’s recurring deposit account. If the banks pays interest at the rate of 11% per annum, find the amount she gets on maturity?

Here,
P = money deposited per month = ₹200,
n = number of months for which the money is deposited = 36,
r = simple interest rate percent per annum = 11

Using the formula:

$I = P \times \dfrac{n(n+1)}{2 \times 12} \times \dfrac{r}{100} \text{, we get} \\[0.7em] I = \Big( 200 \times \dfrac{36 \times 37}{2 \times 12} \times \dfrac{11}{100} \Big) \\[0.5em] \enspace\medspace = \text{₹1221}$

Using the formula:

$MV = P \times n + I \text{, we get} \ MV = (200 \times 36) + 1221 \ \qquad\medspace = 7200 + 1221 \ \qquad\medspace = \text{₹8421}$

∴ The amount Kiran will get at the time of maturity = ₹8421.