Amit Deposited Rs 150 Per Month In Bank For 8 Months Under Recurring Deposit Scheme

Amit deposited Rs. 150 per month in a bank for 8 months under the Recurring Deposit Scheme. What … interest is calculated at the end…

Answers:

Interest on his deposit  

= n(n + 1)/2 × Instalment × Rate/100 × 12

= 8(8 + 1)/2 × 150/100 × 8/12

= 8 × 9 × 150 × 8/ 2 × 100 × 12 = ₹ 36

Maturity value = 150 × 8 + 36

= ₹ 1200 + ₹ 36

= ₹ 1236