Latest Book Aptitude Question SOLUTION: Amht deposited Rs 150 per month in a bank for 8 months under the recurring deposit scheme. What will be the maturity value of his deposits, if the rate of interest is 8% p.a. And i

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Amht deposited Rs 150 per month in a bank for 8 months under the recurring deposit scheme. What will be the maturity value of his deposits, if the rate of interest is 8% p.a. And interest is calculated at the end of every month?

Asked In Book Harsh Poddar (10 years ago)

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SOMASHEKAR MACHANI  (10 years ago)

(((1+i)^n)-1)*(a/i) =maturity value or future sum
where i=rate of interest
n=number of interest periods
a=amount deposited
now consider the example
i=8% for 12 months
i=8/12 for one month
n=8 months
a=150
now future sum =(((1+(8/12))^8)-1)*(150/(8/12))
=13170.9 rupees

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