Mathematics
In an R.D., the maturity value is the sum of the total amount deposited and the interest. If P is the amount deposited every month for n months and R is the rate of interest, then interest I is equal to: 1. P×(n/12)×R/100 2.P×(n(n-1))/12×R/100 3.P×(n(n+1))/(2×12)×R/100 4. P×n/(2×12)×R/100
Related Questions
If Ramesh Kumar has an R.D. in a post office, he has to deposit:
an amount only once
the same amount every month
a decreasing amount every month
an increasing amount every month
Mohit opened a Recurring deposit account in a bank for 2 years. He deposits ₹1,000 every month and receives ₹25,500 on maturity. The interest he earned in 2 years is:
₹13,500
₹3,000
₹24,000
₹1500
Naveen deposits ₹800 every month in a recurring deposit account for 6 months. If he receives ₹4,884 at the time of maturity, then the interest he earns is:
₹84
₹42
₹24
₹284