Rohit has a recurring deposit account in a bank for 3 years at the rate of 8% per annum. Find the maturity value of the account, if he gets ₹ 4995 as interest.

Given,

Time (n) = 3 years = 3 × 12 = 36 months.

Rate (r) = 8%

Interest = ₹ 4995

Let money invested be ₹ P per month.

By formula,

Interest = $P \times \dfrac{n(n + 1)}{2 \times 12} \times \dfrac{r}{100}$

Substituting values we get :

$\Rightarrow 4995 = P \times \dfrac{36 \times 37}{24} \times \dfrac{8}{100} \\[1em] \Rightarrow 4995 = P \times \dfrac{3 \times 37}{2} \times \dfrac{2}{25} \\[1em] \Rightarrow 4995 = P \times \dfrac{3 \times 37}{25} \\[1em] \Rightarrow P = \dfrac{4995 \times 25}{3 \times 37} \\[1em] \Rightarrow P = \dfrac{124875}{111} = ₹ 1125.$

M.V. = Sum invested + Interest

= P × n + Interest

= 1125 × 36 + 4995

= ₹ 40500 + ₹ 4995

= ₹ 45495.

Hence, M.V. = ₹ 45495.