## ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking Ex 2

These Solutions are part of ML Aggarwal Class 10 Solutions for ICSE Maths. Here we have given ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking Ex 2

More Exercises

Question 1.
Shweta deposits Rs. 350 per month in a recurring deposit account for one year at the rate of 8% p.a. Find the amount she will receive at the time of maturity.
Solution:
Deposit per month = Rs 350,
Rate of interest = 8% p.a.
Period (x) = 1 year
= 12 months

Question 2.
Salom deposited Rs 150 per month in a bank for 8 months under the Recurring Deposit Scheme. ‘What will be the maturity value of his deposit if the rate of interest is 8% per annum ?
Solution:
Deposit per month = Rs. 150
Rate of interest = 8% per
Period (x) = 8 month

Question 3.
Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value. (2009)
Solution:
Deposit per month (P) = Rs. 1000
Period = 3 years = 36 months
Rate = 8%

Question 4.
Kiran deposited Rs. 200 per month for 36 months in a bank’s recurring deposit account. If the banks pays interest at the rate of 11% per annum, find the amount she gets on maturity ?
Solution:
Amount deposited month (P) = Rs. 200
Period (n) = 36 months,
Rate (R) = 11% p.a.
Now amount deposited in 36 months = Rs. 200 x 36 = Rs 7200

Question 5.
Haneef has a cumulative bank account and deposits Rs. 600 per month for a period of 4 years. If he gets Rs. 5880 as interest at the time of maturity, find the rate of interest.
Solution:
Interest = Rs. 58800
Monthly deposit (P) = Rs. 600

Question 6.
David opened a Recurring Deposit Account in a bank and deposited Rs. 300 per month for two years. If he received Rs. 7725 at the time of maturity, find the rate of interest per annum. (2008)
Solution:
Deposit during one month (P) = Rs. 300
Period = 2 years = 24 months.
Maturity value = Rs. 7725

Question 7.
Mr. Gupta-opened a recurring deposit account in a bank. He deposited Rs. 2500 per month for two years. At the time of maturity he got Rs. 67500. Find :
(i) the total interest earned by Mr. Gupta.
(ii) the rate of interest per annum.
Solution:
Deposit per month = Rs. 2500
Period = 2 years = 24 months
Maturity value = Rs. 67500

Question 8.
Shahrukh opened a Recurring Deposit Account in a bank and deposited Rs 800 per month for $$1 \frac { 1 }{ 2 }$$ years. If he received Rs 15084 at the time of maturity, find the rate of interest per annum.
Solution:
Money deposited by Shahrukh per month (P)= Rs 800
r = ?

Question 9.
Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs 1200 as interest at the time of maturity, find:
(i) the monthly instalment
(ii) the amount of maturity. (2016)
Solution:
Interest = Rs 1200
Period (n) = 2 years = 24 months
Rate (r) = 6% p.a.

Question 10.
Mr. R.K. Nair gets Rs 6,455 at the end of one year at the rate of 14% per annum in a recurring deposit account. Find the monthly instalment.
Solution:
Let monthly instalment is Rs P
here n = 1 year = 12 months
n = 12

Question 11.
Samita has a recurring deposit account in a bank of Rs 2000 per month at the rate of 10% p.a. If she gets Rs 83100 at the time of maturity. Find the total time for which the account was held.
Solution:
Deposit per month = Rs 2000,
Rate of interest = 10%, Let period = n months

Hope given ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking Ex 2 are helpful to complete your math homework.

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