Mr. Richard has a recurring deposit account in a bank for 3 years

Subject

Mathematics

Class

ICSE Class 10

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31.

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.

 S.I. = P x  n x ( n + 1 )2 x 12 x r100 8325 = P x 36 x ( 36 + 1 )2 x 12 x 7.5100 8325 = P x 36 x 372 x 12 x 7.5100 8325 = P x 3 x 372  x 7.5100 P = 8325 x 2 x 1003 x 37 x 7.5  P = Rs. 2000

 

( ii ) Maturity value = P x n + S.I. 

                            = Rs. ( 2000 x 36 + 8325 )

                            = Rs. 80,325. 


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