Same chapter4 marksDifficulty: Medium
A recurring deposit of ₹400 per month runs for 5 years at 8% per annum. Find the interest and the maturity value.
Banking
3 marksDifficulty: Medium
Two friends each save ₹1,000 a month for two years. One uses a recurring deposit at 8% per annum and the other keeps the money at home. How much more does the first friend have at the end?
Original Khojo Papers practice question — not from a past board paper.
Answer
₹2,000 more
No citable source has been recorded for this record. Treat it as practice material, not as fact.
Explanation
Both save 1,000 × 24 = ₹24,000. The recurring deposit adds interest of 1,000 × 300 × 8/1200 = ₹2,000, which the money kept at home does not earn.
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