Exercise 2

Question 1

Shweta deposits ₹350 per month in a recurring deposit account for one year at the rate of 8% p.a. Find the amount she will receive at the time of maturity.

Solution

Given:

Money deposited per month(P) = ₹$350$
No. of months for which the money is deposited(n) = $1\times12 = 12$ months
Rate of interest per anum (r) = $8$%

Total Interest gained (I) = $I=P\times{(\frac{n(n + 1)}{2\times12})}\times (\frac{r}{100})$

Putting the values of P,n,r we get:

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