Jun 3, 2024 · WebRate of interest, r = 10 % per annum The Maturity value is given by: P × n 1 + r ( n + 1) 2400 Step 2: Calculate the Maturity Value Therefore, the Maturity value of this account is, ₹ ₹ 600 × 30 1 + 10 30 + 1 2400 = 18000 2400 + 310 2400 = 18000 × 2710 2400 = ₹ 20325 Final answer: The maturity value is ₹ ₹ ₹ 20325 of the given account.
Recurring Deposit (RD) Interest Rates: Equitas Bank Vs Suryoday …
WebThe formula for recurring deposit interest rate and maturity value. Using the following formula, one can calculate the maturity amount and interest earned from a Bank of India RD. M=R* [ (1+i)^ (n-1)]/ (1- (1+i)^ (-1/3)) Where M is the maturity value. R is the amount the investor wants to invest every month. WebSamita has a recurring deposit account in a bank of Rs2000 per month at the rate of 10 Question Hard Solution Verified by Toppr P=Rs.2000 R=10 % M.V=Rs.83100 I=P× 2×12n(n+1)× 100R ∴I=25× 24n(n+1)× 10010 = 325(n 2+n) MV=P×n+I ⇒83100=(2000×n)+ 325n 2+ 325n ⇒83100= 36000n+25n 2+25n ⇒83100×3=6000n+25n 2+25n ⇒25n … onur gulsoy
Samita has a recurring deposit account in a bank of Rs2000 per
WebJoin a credit union that supports the military and understands what it means to serve. Enjoy great rates, discounts and exceptional service through digital banking* or at more than … WebFeb 15, 2024 · Interest on RDs is taxable fully as per your slab. However, for senior citizens, interest income from RDs/FDs up to Rs 50,000 per annum is exempt. The TDS provisions on RDs are the same as TDS on FD. TDS is deducted on RDs if the interest payable for them in a single bank is more than Rs 10,000. FAQs Q. WebMr Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. It the rate of interest is of 8% per annum and Mr Britto gets Rs. 8088 from the bank … onur goker cowen