MCQ
1. The interest on the recurring deposit account can be calculated by using formula:
$I=\frac{n(n+1)}{2 \times 12} \times P \times \frac{r}{100}$
where I is the interest, P is the money deposited per month, n is the number of months for which the money has been deposited and r is the rate of interest per annum.
2. The Maturity value on a recurring deposit
$MV=P \times n^2+P \times n+I$
where, MV = Maturity value, $P =$ money deposited per month, $n=$ number of months, $I =$ interest
$I=\frac{n(n+1)}{2 \times 12} \times P \times \frac{r}{100}$
where I is the interest, P is the money deposited per month, n is the number of months for which the money has been deposited and r is the rate of interest per annum.
2. The Maturity value on a recurring deposit
$MV=P \times n^2+P \times n+I$
where, MV = Maturity value, $P =$ money deposited per month, $n=$ number of months, $I =$ interest
- ✓1 is true, 2 is false
- B1 is false, 2 is true
- CBoth 1 and 2 are false
- DBoth 1 and 2 are true
