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
( i ) Let the deposit per month = Rs. P
Number of months = ( n ) = 36
Rate of interest ( r ) = 7.5 % p.a.
( ii ) Maturity value = P x n + S.I.
= Rs. ( 2000 x 36 + 8325 )
= Rs. 80,325.