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
Anita deposits ₹1,000 per month in a recurring deposit account for 2 years at 8% per annum. Find the interest she earns and the maturity value of the account.
Original Khojo Papers practice question — not from a past board paper.
Answer
Interest = ₹2,000 and the maturity value is ₹26,000
No citable source has been recorded for this record. Treat it as practice material, not as fact.
Explanation
The equivalent principal for one month is P × n(n+1)/2 = 1,000 × 24 × 25/2 = ₹3,00,000. Interest = 3,00,000 × 8/100 × 1/12 = ₹2,000. She deposits 1,000 × 24 = ₹24,000, so the maturity value is ₹26,000.
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