A recurring deposit account is opened with a monthly instalment of Rs 800 for a certain period of time at the rate of 4.5% p.a The maturity amount is Rs. 14913. The time is_____yrs
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A recurring deposit account is opened with a monthly instalment of Rs 800 for a certain period of time at the rate of 4.5% p.a The maturity amount is Rs. 14913. The time is_____yrs
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Step-by-step explanation:
Recurring deposits (RDs) are an investment instrument almost similar to fixed deposits. However, you have to make fixed monthly deposits in RDs, unlike a lump sum amount in FDs. RDs create a habit of regular investment among earning individuals. These also instil discipline when it comes to savings. Recurring deposits are offered by the majority of banks and financial institutions.
RD returns calculation can be quite complicated for an average investor to figure out accurately every time. This is where an RD calculator can prove to be immensely beneficial.
Answer:
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