Kirin deposited $200 per months in a bank's recurring deposit account. If The bank posts interest at the rate of 11% per annum.

Question

4 years ago

6

Find The amount, that she gets on the time of maturity.

1 answer:

VikaD [51] · Answer 1 · 2022-01-16T22:56:20+03:00

VikaD [51]4 years ago

5 0

Answer:

$ 8,421

Step-by-step explanation:

Here,

P = $200

R = 11% p.a

n = 36 months.

$maturity \: value \: = \frac{prn(n + 1)}{2400} = (36)(200) + \frac{(200)(11)(36)(37)}{2400} = 7200 + 1221 = 8421$