NumericalModerate2 marks
11(c)
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
The maturity value
Topic: Recurring deposit / interest
Previous-year question practice database
Answer
Exam answer
Total deposits = 2,000 × 36 = ₹72,000.
Interest = ₹8,325.
Maturity value = 72,000 + 8,325 = ₹80,325.
Answer: ₹80,325.
Explanation
Maturity value = total deposits + interest.
More from Banking (Recurring Deposit Account)
A and B opened a recurring deposit account in a bank which is paying simple interest at 9% per annum. A deposited ₹ 1,500 for one year and B deposited ₹ 1,200 for 15 months. The amount invested by :2026interest earned by Vinay.2026sum deposited by Rohit every month2026Mr. Anuj deposits ₹500 per month for 18 months in a recurring deposit account at a certain rate. If he earns ₹570 as interest at the time of maturity, then his matured amount is:2025the rate of interest.2025how much more interest Mrs. Rao will receive if she had deposited ₹50 more per month at the same rate of interest and for the same time.2025