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Mrs. Goswami deposits RS. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the maturity value.

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RS. 40040

RS. 40444

RS. 40440

RS. 40044

answer is C.

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Detailed Solution

The formula for interest is given as:

Where, P is the amount deposited per month, n is the number of months and R is rate of interest per month.
Given: Time = 3 years = 36 months
Thus, Principal for one month:

Total amount deposited

Thus, Amount on maturity:

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