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Mr. Richard has a recurring deposit account in a bank for 3 years at 7.5% p.a. simple interest. If he gets Rs 8325 as

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Mr. Richard has a recurring deposit account in a bank for 3 years at 7.5% p.a. simple interest. If he gets Rs 8325 as interest at the time of maturity, find : 

(i) The monthly deposit 

(ii) The maturity value.

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1 Answer

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Best answer

Let the monthly deposit be Rs x 

Time = 3 years or 36 months, R = 7.5%, Interest = Rs 8325.

∴ 

(i) Thus, the monthly deposit is Rs 2000 

(ii) The maturity value = Rs 36 × 2000 + Rs 8325 = Rs 72000 + Rs 8325 = Rs 80325.

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