QQuestion
Mr 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:
(a) ₹(500 × 18 + 570)
(b) ₹(500 × 19 + 570)
(c) ₹(500 × 18 × 19 + 570)
(d) ₹(500 × 9 × 19 + 570)
✓Answer
(a) ₹(500 × 18 + 570)
Explanation:
Monthly deposit = ₹500
Number of months = 18
Total deposit = ₹500 × 18
Interest earned = ₹570
Maturity amount = Total deposit + Interest
⇒ Maturity amount = ₹(500 × 18 + 570)
⇒ Maturity amount = ₹9,570
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