Mathematics · Compound Interest
A customer establishes a Recurring Deposit (RD) of ₹5,000 per month for 24 months. The nominal interest rate is 8% p.a. compounded quarterly. Calculate the total maturity value at the end of 2 years using the standard Indian Banks' Association (IBA) methodology where monthly installments are factored into the quarterly compound cycle.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹1,32,120
- 2₹1,28,450
- 3₹1,30,540✓
- 4₹1,20,000
Correct answer
₹1,30,540
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