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?
Banking
120 Likes

Question

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?

KnowledgeBoat · Accepted Answer

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: Using the formula: The amount Kiran will get at the time of maturity = ₹8421.

Mathematics

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?

Banking

Related Questions

Anushka deposits ₹1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value

Sonia had a recurring deposit account in a bank and deposited ₹600 per month for 2½ years. If the rate of interest was 10% p.a., find the maturity value of this account.

Haneef has a cumulative bank account and deposits ₹600 per month for a period of 4 years. If he gets ₹5880 as interest at the time of maturity, find the rate of interest per annum.

David opened a Recurring Deposit Account in a bank and deposited ₹300 per month for two years. If he received ₹7725 at the time of maturity, find the rate of interest.