Q3 of 94 Page 37

Imran deposits Rs. 400 per month in a post office as R.D. for 2 years. If the rate of interest is 12%, find the amount he will receive at the end of 2 years.

Amount deposited (P) = 400/ month

No. of years (n) = 2 years = 2 × 12 = 24 months


Rate of interest (R) = 12%


Total deposit made = P × n


= 400 × 24 = 9,600


Period for recurring deposit, (N) =


= = 25 years


Interest = p× N ×


= 400 × 25 ×


= 1,200


Maturity amount = P × n + p× N ×


= 9,600 + 1,200


= 10,800


He will receive 10,800 at the end of 2 years


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