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

Here,
P = money deposited per month = ₹1000,
n = number of months for which the money is deposited = 3 x 12 = 36,
r = simple interest rate percent per annum = 8

Using the formula:

$I = P \times \dfrac{n(n+1)}{2 \times 12} \times \dfrac{r}{100} \text{, we get} \\[0.7em] I = \Big( 1000 \times \dfrac{36 \times 37}{2 \times 12} \times \dfrac{8}{100} \Big) \\[0.5em] \enspace\medspace = \text{₹4440}$

Using the formula:

$MV = P \times n + I \text{, we get} \ MV = (1000 \times 36) + 4440 \ \qquad\medspace = 36000 + 4440 \ \qquad\medspace = \text{₹40440}$

∴ The amount Anushka will get at the time of maturity = ₹40440.