NumericalModerate1.5 marks
10(a)
Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs. 1200 as interest at the time of maturity, find:
the amount of maturity
Topic: Recurring deposit / interest
Previous-year question practice database
Answer
Exam answer
Monthly deposit = ₹800. Number of deposits = 24.
Total deposits = 800 × 24 = ₹19,200.
Interest = ₹1,200.
Maturity amount = 19,200 + 1,200 = ₹20,400.
Answer: ₹20,400.
Explanation
Maturity value = total deposits + interest.
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