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Bhuvan made a fixed deposit of Rs. 15,000 in a bank on 1/1/2007 for 219 days under 12% p.a. simple interest. Find out the maturity value.

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Rs. 15,840

Rs. 15,960

Rs. 16,080

Rs. 16,140

answer is C.

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Detailed Solution

Concept- Firstly, we will use the formula of simple interest as studied in chapter. And then calculate the maturity value.
Given: Money deposited or principle amount = Rs. 15,000
Number of days = 219.
Rate of simple interest = 12% per annum.

SI = \frac{P \times R \times T}{100}

Since the rate of simple interest (S.I.) is given per year, we will first convert days into year.

Time = \frac{219}{365}

Now, substitute the values in the formula of simple interest

SI = \frac{15000 \times 12 \times 219}{100 \times 365}

\Rightarrow SI = \frac{30 \times 12 \times 219}{73}

\Rightarrow 30 \times 12 \times 3

\Rightarrow 1080

On simplifying, we get

S . I . = Rs . 1, 080

Now, calculate the maturity value,

∴ Maturity value = simple interest + principal amount

\Rightarrow Maturity value = Rs . 1, 080 + 15, 000

= Rs. 16,080
The maturity value is Rs. 16,080 .
Hence, option (3) is the correct answer.

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