Same chapter3 marksDifficulty: Medium
Find the number of months for which ₹2,000 must be deposited each month at 7% per annum for the interest to be ₹910.
Banking
4 marksDifficulty: Medium
A recurring deposit of ₹400 per month runs for 5 years at 8% per annum. Find the interest and the maturity value.
Original Khojo Papers practice question — not from a past board paper.
Answer
Interest = ₹4,880 and the maturity value is ₹28,880
No citable source has been recorded for this record. Treat it as practice material, not as fact.
Explanation
n = 60, so the equivalent principal is 400 × 60 × 61/2 = ₹7,32,000 and the interest is 7,32,000 × 8/1200 = ₹4,880. He deposits ₹24,000, so the maturity value is ₹28,880.
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