## Selina Concise Mathematics Class 10 ICSE Solutions Chapter 2 Banking (Recurring Deposit Accounts) Ex 2B

These Solutions are part of Selina Concise Mathematics Class 10 ICSE Solutions. Here we have given Selina Concise Mathematics Class 10 ICSE Solutions Chapter 2 Banking Ex 2B.

**Other Exercises**

- Selina Concise Mathematics Class 10 ICSE Solutions Chapter 2 Banking Ex 2A
- Selina Concise Mathematics Class 10 ICSE Solutions Chapter 2 Banking Ex 2B

**Question 1.**

**Pramod deposits ₹ 600 per month in a Recurring Deposit Account for 4 years. If the rate of interest is 8% per year; calculate the maturity value of his account.**

**Solution:**

Deposit per month (P) = ₹ 600

Rate of interest (r) = 8%

Period (n) = 4 years = 48 months.

According to formula,

Maturity value = ₹ 600 x 48 + ₹ 4,704 = ₹ 28,800 + ₹ 4,704 = ₹ 33504

**Question 2.**

**Ritu has a Recurring Deposit Account in a bank and deposits ₹ 80 per month for 18 months. Find the rate of interest paid by the bank if the maturity value of this account is ₹ 1,554.**

**Solution:**

Let rate of interest = r%,

n = 18,

P = ₹ 80

and A is maturity value.

Using formula

**Question 3.**

**The maturity value of a R.D. Account is ₹ 16,176. If the monthly installment is ₹ 400 and the rate of interest is 8%; find the time (period) of this R.D. Account.**

**Solution:**

Here maturity value (A) = ₹ 16,176

Rate = 8%,

P = ₹ 400

Let period = n (No. of months)

Using formula :

I = A – P x n = 16,176 – 400 x n = 16,716 – 400n.

⇒ 48,528 – 1,200n = 4n² + 4n

⇒ 4n² + 4n + 1200n – 48,528 = 0

⇒ 4n² + 1,204n – 48,528 = 0

⇒ n² + 301n — 12,132 = 0 (dividing by 4)

⇒ n² – 36n + 337n – 12,132 = 0

⇒ n (n – 36) + 337 (n – 36) = 0

⇒ (n – 36) (n + 337) = 0

Either n = 36 months or n = -337, which is not possible.

Time = 36 months = 3 years

**Question 4.**

**Mr. Bajaj needs ₹ 30,000 after 2 years. What least money (in multiple of ₹ 5) must he deposit every month in a recurring deposit account to get required money at the end of 2 years, the rate of interest being 8% p.a. ?**

**Solution:**

Amount of maturity = ₹ 30000

Period (n) = 2 years = 24 months

Rate = 8% p.a.

Let x be the monthly deposit

Amount of monthly deposit in the multiple of ₹ 5 = ₹ 1155

**Question 5.**

**Rishabh has a recurring deposit account in a post office for 3 years at 8% p.a. simple interest. If he gets ₹ 9,990 as interest at the time of maturity, find :**

**(i) the monthly installment.**

**(ii) the amount of maturity.**

**Solution:**

Total interest = ₹ 9990

Period (n) = 3 years = 36 months

Rate of interest (r) = 8%

(i) Let monthly installment = x

Monthly installment = ₹ 2250

(ii) Amount of maturity = Principal + Interest

= 36 x 2250 + 9990

= ₹ 81000 + 9990 = ₹ 90990

**Question 6.**

**Gopal has a cumulative deposit account and deposits ₹ 900 per month for a period of 4 years. If he gets ₹ 52,020 at the time of maturity, find the rate of interest.**

**Solution:**

Maturity value = ₹ 52,020

Monthly installment (P) = ₹ 900

Total principal = ₹ 900 x 48 = ₹ 43200

Amount of interest = ₹ 52020 – ₹ 43200 = ₹ 8820

Let rate of interest = r%

**Question 7.**

**Deepa has a 4 year recurring deposit account in a bank and deposits ₹ 1,800 per month. If she gets ₹ 1,800 per month. If she gets ₹ 1,08,450 at the time of maturity, find the rate of interest.**

**Solution:**

Deposit per month = ₹ 1800

Period = 4 years = 48 months

Maturity value = ₹ 108450

Total principal = ₹ 1800 x 48 = ₹ 86400

Amount of interest = ₹ 108450 – 86400 = ₹ 22050

Let r be the rate of interest

**Question 8.**

**Mr. Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. If the rate of interest is of 8% per annum and Mr. Britto gets ₹ 8,088 from the bank after 3 years, find the value of his monthly installment. (2013)**

**Solution:**

Let monthly installment = ₹ x

Period (n) = 3 x 12 months = 36 months

**Question 9.**

**Sharukh opened a Recurring Deposit Account in a bank and deposited ₹ 800 per month for 1\(\frac { 1 }{ 2 }\) years. If he received ₹ 15,084 at the time of maturity, find the rate of interest per annum. (2014)**

**Solution:**

Money deposited per month (P) = ₹ 800

r = ?

**Question 10.**

**Katrina opened a recurring deposit account with a Nationalised Bank for a period of 2 years. If the bank pays interest at the rate of 6% per annum and the monthly installment is ₹ 1,000, find the :**

**(i) interest earned in 2 years**

**(ii) maturity value. (2015)**

**Solution:**

Period (n) = 2 years = 2 x 12 = 24 months

Rate of interest (r) = 6%

Monthly installment (P) = ₹ 1000

**Question 11.**

**Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets ₹ 1200 as interest at the time of maturity, find :**

**(i) the monthly installment**

**(ii) the amount of maturity**

**Solution:**

(i) Interest = ₹ 1200,

n = 2 x 12 = 24 months,

r = 6%

⇒ P = ₹ 800

So the monthly installment is ₹ 800

(ii) Total sum deposited = P x n = ₹ 800 x 24 = ₹ 19200

The amount that Mohan will get at the time of maturity = Total sum deposited + Interest Received

= ₹ 19200 + ₹ 1200 = ₹ 20400

Hence, the amount of maturity is ₹ 20400

Hope given Selina Concise Mathematics Class 10 ICSE Solutions Chapter 2 Banking Ex 2B are helpful to complete your math homework.

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