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ICSE / ISC eBooks

Example - 1. Mohan deposits Rs.80 per mouth in a cumulative deposite account for six years. Find the amount payable to him on maturity, if the rate of interest is 6% per annum.

Solution : The bank keeps first instalment for 72 months

The bank keeps 2nd instalment for 71months

The bank keeps 3rd instalment for 70 months

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total amount deposited in 6 years = 6 X 12 X Rs. 80
= Rs. 5760

Total amount received after maturity = Rs. 5760 + Rs. 1051.20
= Rs. 6811.20