BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ramesh deposited Rs. 200 per month for 36 months in a banks recurring deposite amount at the rate of 11% per annum, then the interest earned by him is
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Rs. 1200
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Rs. 1220
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Rs. 1222
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Rs. 1221
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Explanation:
Detailed explanation-1: -We know, maturity amount =(Pn+1221)=(200×36+1221)= Rs. 8421.
Detailed explanation-2: -∴ Amount received on maturity = Total amount deposited + Interest = Rs 7200 + Rs 1221 = Rs 8, 421.
Detailed explanation-3: -The formula used is
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