Suresh deposits Rs. 1600 per month in a recurring deposit account at 9% p.a. S.I. If he gets Rs. 65, 592 at the time of maturity, find the total time for which the account was held.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	2 years
B	1 year
C	3 years
D	4 years

Explanation:

Detailed explanation-1: -Maturity Value= Total Deposited Amount + Total Simple Interest.

Detailed explanation-2: -Hence Matured value =Rs. 40440.

Detailed explanation-3: -Rs. 150 for 8 months is 150×8=1200. Therefore, the maturity value Amit will have at the end of 8 months is Rs. 1236.

Detailed explanation-4: -The correct option is B Mrs. Goswami deposits Rs 1000 every month in a recurring deposit account for 3 years at 8% interest per annum.

There is 1 question to complete.