Sonia had a recurring deposit account in a bank and deposited Rs. 600 per month for years. If the rate of interest was 10% p.a., find the maturity value of this account.
Given: P = Rs. 600, n = 30 months and r = 10%
Since sum deposited = p x n = Rs. 600 x 30
= Rs. 18000
Thus, the maturity value = Rs. ( 18000 + 2325 ) = Rs. 20325.