Vaideesh deposits Rs.500 at the beginning of every month for 5 years in a post office. If the rate of interest is 7.5%, find the amount he will receive at the end of five years.

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35718.75

36712.35

38714.39

34713.54

answer is A.

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Detailed Solution

Let the principal amount deposited by Vaideesh is P and the number of months be n.
This gives,

months
And

We know the period for recurring deposit,

Substituting the values we get the period for recurring deposit,

So we get the period as

years.
The interest is given by,

Total amount due, A=P+I
Substituting we get,

∴ The Ans

So, option 1 is correct.

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