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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the formula to calculate interest in a recurring deposit?
💡 Hint: Remember, P is monthly deposit, n is the time in months.
Question 2
Easy
Define what a Recurring Deposit Account is.
💡 Hint: Think about monthly contributions.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the formula for calculating interest in a Recurring Deposit?
- I = \\( P \\times r \\times \\
- t \\)
- I = \\( \\frac{P \\times n(n+1) \\times r}{2 \\times 12 \\times 100} \\)
- I = \\( P + r \\)
💡 Hint: Think about how deposits earn over different months.
Question 2
True or False: The maturity value is just the total deposits made.
- True
- False
💡 Hint: Recall the formula for Maturity Value.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A student deposits a fixed amount every month. After 5 months, they've saved ₹5,000 with an interest of ₹500. If the deposits are constant, what will be the expected savings after 12 months?
💡 Hint: Use the relationship of monthly deposits and time to find final values.
Question 2
If a bank offers a deposit scheme where the interest is based on quarterly compounding for deposits under 10,000 but simple interest for deposits above, how would you calculate the effective interest a student receives after depositing ₹8,000 for a year under these rules?
💡 Hint: Look into both interest calculation strategies.
Challenge and get performance evaluation