Answer:
<u>☼︎</u><u>I</u><u>n</u><u>f</u><u>o</u><u>r</u><u>m</u><u>a</u><u>t</u><u>i</u><u>o</u><u>n</u><u> </u><u>P</u><u>r</u><u>o</u><u>v</u><u>i</u><u>d</u><u>e</u><u>d</u><u>:</u>
- Mohan opened a Recurring deposit Account in a bank for five years
- He deposited Rs.100 every month
- Rate of interest is 6% per annum
<u>☼︎</u><u>W</u><u>hat we have to calculate :</u>
- How much money will he get after 5 years?
<h2><u>☼︎</u><u>Using Formulas :</u></h2>
<u>☼︎</u><u>Maturity value:-</u>
<h2><u>☼︎</u><u>Interest:-</u></h2>
<u>☼︎</u><u>In both the formulas,</u>
<u>☼︎</u><u>Performing Calculations :</u>
Finding out the interest by substituting the values in the given formula of calculating the interest~
<u>☼︎</u><u>Number of months :</u>
<h3>☼︎We know that,</h3>
<u>☼︎</u><u>We have :</u>
<u>☼︎</u><u>Putting the values :</u>
<u>☼︎</u><u>Now, putting the values in formula of M.V. :</u>
<u></u>
<h3>☼︎Additional
<u> </u><u>I</u><u>n</u><u>f</u><u>o</u><u>r</u><u>m</u><u>a</u><u>t</u><u>i</u><u>o</u><u>n</u></h3>
Interest (I) received on maturity on the investment of Rs P per month at the rate of r % per annum for n months is
<u>Maturity Value (MV)</u>
Received on maturity on the investment of Rs P per month at the rate of r % per annum for n months is also given by