{"id":15500,"date":"2022-05-10T04:00:01","date_gmt":"2022-05-09T22:30:01","guid":{"rendered":"https:\/\/cbselibrary.com\/?p=15500"},"modified":"2022-05-11T10:54:28","modified_gmt":"2022-05-11T05:24:28","slug":"selina-icse-solutions-class-10-maths-banking","status":"publish","type":"post","link":"https:\/\/cbselibrary.com\/selina-icse-solutions-class-10-maths-banking\/","title":{"rendered":"Selina Concise Mathematics Class 10 ICSE Solutions Banking (Recurring Deposit Accounts)"},"content":{"rendered":"

Selina Concise Mathematics Class 10 ICSE Solutions Banking (Recurring Deposit Accounts)<\/h2>\n

Selina Publishers Concise Mathematics Class 10 ICSE Solutions Chapter 2 Banking (Recurring Deposit Accounts)<\/strong><\/p>\n

Banking (Recurring Deposit Accounts) Exercise 2A – Selina Concise Mathematics Class 10 ICSE Solutions<\/h3>\n

Question 1.<\/strong><\/span>
\nManish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits \u20b9 600 per month for 20 months. Calculate the maturity value of this account, if the bank pays interest at the rate of 10% per annum.
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 600
\nNumber of months(n) = 20
\nRate of interest(r) = 10% p.a.
\n\"Selina
\nThe amount that Manish will get at the time of maturity
\n= \u20b9 (600×20) + \u20b9 1,050
\n= \u20b9 12,000 + \u20b9 1,050
\n= \u20b9 13,050<\/p>\n

Question 2.<\/strong><\/span>
\nMrs. Mathew opened a Recurring Deposit Account in a certain bank and deposited \u20b9 640 per month for 4 \u00bd years. Find the maturity value of this account, if the bank pays interest at the rate of 12% per year.
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 640
\nNumber of months(n) = 54
\nRate of interest(r)= 12% p.a.
\n\"Selina
\nThe amount that Manish will get at the time of maturity
\n= \u20b9 (640×54)+ \u20b9 9,504
\n= \u20b9 34,560 + \u20b9 9,504
\n= \u20b9 44,064<\/p>\n

Question 3.<\/strong><\/span>
\nEach of A and B both opened recurring deposit accounts in a bank. If A deposited \u20b9 1,200 per month for 3 years and B deposited \u20b9 1,500 per month for 2 \u00bd years; find, on maturity, who will get more amount and by how much? The rate of interest paid by the bank is 10% per annum.
\nSolution:<\/strong><\/span>
\nFor A
\nInstallment per month(P) = \u20b9 1,200
\nNumber of months(n) = 36
\nRate of interest(r) = 10% p.a.
\n\"Selina
\nThe amount that A will get at the time of maturity
\n= \u20b9 (1,200×36) + \u20b9 6,660
\n= \u20b9 43,200 + \u20b9 6,660
\n= \u20b9 49,860
\nFor B
\nInstalment per month(P) = \u20b9 1,500
\nNumber of months(n) = 30
\nRate of interest(r) = 10% p.a.
\n\"Selina
\nThe amount that B will get at the time of maturity
\n= \u20b9 (1,500×30) + \u20b9 5,812.50
\n= \u20b9 45,000 + \u20b9 5,812.50
\n= \u20b9 50,812.50
\nDifference between both amounts = \u20b9 50,812.50 – \u20b9 49,860
\n= \u20b9 952.50
\nThen B will get more money than A by \u20b9 952.50.<\/p>\n

Question 4.<\/strong><\/span>
\nAshish deposits a certain sum of money every month is a Recurring Deposit Account for a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets \u20b9 12,715 as the maturity value of this account, what sum of money did money did he pay every month?
\nSolution:<\/strong><\/span>
\nLet Installment per month(P) = \u20b9 y
\nNumber of months(n) = 12
\nRate of interest(r) = 11% p.a.
\n\"Selina
\nMaturity value = \u20b9 (y \u00d7 12) + \u20b9 0.715y = \u20b9 12.715y
\nGiven maturity value = \u20b9 12,715
\nThen \u20b9 12.715y = \u20b9 12,715
\n\"Selina<\/p>\n

Question 5.<\/strong><\/span>
\nA man has a Recurring Deposit Account in a bank for 3 \u00bd years. If the rate of interest is 12% per annum and the man gets \u20b9 10,206 on maturity, find the value of monthly instalments.
\nSolution:<\/strong><\/span>
\nLet Installment per month(P) = \u20b9 y
\nNumber of months(n) = 42
\nRate of interest(r) = 12% p.a.
\n\"Selina
\nMaturity value= \u20b9 (y \u00d7 42) + \u20b9 9.03y= \u20b9 51.03y
\nGiven maturity value = \u20b9 10,206
\nThen \u20b9 51.03y = \u20b9 10206
\n\"Selina<\/p>\n

Question 6.<\/strong><\/span>
\n(i) Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits \u20b9 140 per month for 4 years. If he gets \u20b9 8,092 on maturity, find the rate of interest given by the bank.
\n(ii) David opened a Recurring Deposit Account in a bank and deposited \u20b9 300 per month for two years. If he received \u20b9 7,725 at the time of maturity, find the rate of interest per annum.
\nSolution:<\/strong><\/span>
\n(a)
\nInstallment per month(P) = \u20b9 140
\nNumber of months(n) = 48
\nLet rate of interest(r) = r% p.a.
\n\"Selina
\nMaturity value= \u20b9 (140 \u00d7 48) + \u20b9 (137.20)r
\nGiven maturity value = \u20b9 8,092
\nThen \u20b9 (140 \u00d7 48) + \u20b9 (137.20)r = \u20b9 8,092
\n\u21d2 137.20r = \u20b9 8,092 – \u20b9 6,720
\n\"Selina
\n(b)
\nInstalment per month(P) = \u20b9 300
\nNumber of months(n) = 24
\nLet rate of interest(r)= r% p.a.
\n\"Selina
\nMaturity value = \u20b9 (300 \u00d7 24) + \u20b9 (75)r
\nGiven maturity value = \u20b9 7,725
\nThen \u20b9 (300 \u00d7 24) + \u20b9 (75)r = \u20b9 7,725
\n\u21d2 75 r = \u20b9 7,725 – \u20b9 7,200
\n\"Selina<\/p>\n

Question 7.<\/strong><\/span>
\nAmit deposited \u20b9 150 per month in a bank for 8 months under the Recurring Deposit Scheme. What will be the maturity value of his deposits, if the rate of interest is 8% per annum and interest is calculated at the end of every month?
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 150
\nNumber of months(n) = 8
\nRate of interest(r) = 8% p.a.
\n\"Selina
\nThe amount that Manish will get at the time of maturity
\n= \u20b9 (150 \u00d7 8) + \u20b9 36
\n= \u20b9 1,200 + \u20b9 36
\n= \u20b9 1,236<\/p>\n

Question 8.<\/strong><\/span>
\nMrs. Geeta deposited \u20b9 350 per month in a bank for 1 year and 3 months under the Recurring Deposit Scheme. If the maturity value of her deposits is \u20b9 5,565; find the rate of interest per annum.
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 350
\nNumber of months(n) = 15
\nLet rate of interest(r)= r% p.a.
\n\"Selina
\nMaturity value= \u20b9 (350 \u00d7 15) + \u20b9 (35)r
\nGiven maturity value = \u20b9 5,565
\nThen \u20b9 (350 \u00d7 15) + \u20b9 (35)r = \u20b9 5,565
\n\u21d2 35r = \u20b9 5,565 – \u20b9 5,250
\n\"Selina<\/p>\n

Question 9.<\/strong><\/span>
\nA recurring deposit account of \u20b9 1,200 per month has a maturity value of \u20b9 12,440. If the rate of interest is 8% and the interest is calculated at the end of every month; find the time (in months) of this Recurring Deposit Account.
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 1,200
\nNumber of months(n) = n
\nLet rate of interest(r) = 8% p.a.
\n\"Selina
\nMaturity value = \u20b9 (1,200 \u00d7 n) + \u20b9 4n(n+1) = \u20b9 (1200n+4n2<\/sup>+4n)
\nGiven maturity value= \u20b9 12,440
\nThen 1200n+4n2<\/sup>+4n = 12,440
\n\"Selina
\nThen number of months = 10<\/p>\n

Question 10.<\/strong><\/span>
\nMr. Gulati has a Recurring Deposit Account of \u20b9 300 per month. If the rate of interest is 12% and the maturity value of this account is \u20b9 8,100; find the time (in years) of this Recurring Deposit Account.
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 300
\nNumber of months(n) = n
\nLet rate of interest(r)= 12% p.a.
\n\"Selina
\nMaturity value= \u20b9 (300 \u00d7 n)+ \u20b9 1.5n(n+1)
\n= \u20b9 (300n+1.5n2<\/sup>+1.5n)
\nGiven maturity value= \u20b9 8,100
\nThen 300n+1.5n2<\/sup>+1.5n = 8,100
\n\"Selina
\nThen time = 2 years.<\/p>\n

Question 11.<\/strong><\/span>
\nMr. Gupta opened a recurring deposit account in a bank. He deposited \u20b9 2,500 per month for two years. At the time of maturity he got \u20b9 67,500. Find:
\n(i) the total interest earned by Mr. Gupta
\n(ii) the rate of interest per annum.
\nSolution:<\/strong><\/span>
\n(i)
\nMaturity value = \u20b9 67,500
\nMoney deposited = \u20b9 2,500 \u00d7 24= \u20b9 60,000
\nThen total interest earned = \u20b9 67,500 – \u20b9 60,000 = \u20b9 7,500 Ans.
\n(ii)
\nInstallment per month(P) = \u20b9 2,500
\nNumber of months(n) = 24
\nLet rate of interest(r)= r% p.a.
\n\"Selina<\/p>\n

Banking (Recurring Deposit Accounts) Exercise 2B- Selina Concise Mathematics Class 10 ICSE Solutions<\/h3>\n

Question 1.<\/strong><\/span>
\nPramod deposits \u20b9 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.
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 600
\nNumber of months(n) = 48
\nRate of interest(r)= 8% p.a.
\n\"Selina
\nThe amount that Manish will get at the time of maturity
\n= \u20b9 (600 \u00d7 48) + \u20b9 4,704
\n= \u20b9 28,800 + \u20b9 4,704
\n= \u20b9 33,504<\/p>\n

Question 2.<\/strong><\/span>
\nRitu has a Recurring Deposit Account in a bank and deposits \u20b9 80 per month for 18 months. Find the rate of interest paid by the bank if the maturity value of account is \u20b9 1,554.
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 80
\nNumber of months(n) = 18
\nLet rate of interest(r) = r% p.a.
\n\"Selina
\nMaturity value = \u20b9 (80 \u00d7 18) + \u20b9 (11.4r)
\nGiven maturity value = \u20b9 1,554
\nThen \u20b9 (80 \u00d7 18 ) + \u20b9 (11.4r) = \u20b9 1,554
\n\u21d2 11.4r \u00a0= \u20b9 1,554 – \u20b9 1,440
\n\"Selina<\/p>\n

Question 3.<\/strong><\/span>
\nThe maturity value of a R.D. Account is \u20b9 16,176. If the monthly installment is \u20b9 400 and the rate of interest is 8%; find the time (period) of this R.D Account.
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 400
\nNumber of months(n) = n
\nLet rate of interest(r)= 8% p.a.
\n\"Selina
\n\"Selina
\n\u21d2 1200n +4n2<\/sup>+4n= \u20b9 48,528
\n\u21d2 4n2<\/sup>+1204n = \u20b9 48,528
\n\u21d2 n2<\/sup>+301n – 12132= 0
\n\u21d2 (n+337)(n-36)=0
\n\u21d2 n = -337 or n=36
\nThen number of months = 36 months = 3 years<\/p>\n

Question 4.<\/strong><\/span>
\nMr. Bajaj needs \u20b9 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 after 2 years, the rate of interest being 8% p.a.?
\nSolution:<\/strong><\/span>
\nLet installment per month = \u20b9 P
\nNumber of months(n) = 24
\nRate of interest = 8% p.a.
\n\"Selina
\nMaturity value = \u20b9 (P \u00d7 24)+ \u20b9 2P = \u20b9 26P
\nGiven maturity value = \u20b9 30,000
\n\"Selina<\/p>\n

Question 5.<\/strong><\/span>
\nRishabh has recurring deposit account in a post office for 3 years at 8% p.a. simple interest. If he gets \u20b9 9,990 as interest at the time of maturity, find:
\n(i) The monthly installment.
\n(ii) The amount of maturity.
\nSolution:<\/strong><\/span>
\nLet Installment per month = \u20b9 P
\nNumber of months(n) = 36
\nRate of interest(r)= 8% p.a.
\n\"Selina
\nGiven interest = \u20b9 9,990
\n\"Selina
\n(ii) Maturity value = \u20b9 (2,250 \u00d7 36) + \u20b9 9,990 = \u20b9 90,990<\/p>\n

Question 6.<\/strong><\/span>
\nGopal has a cumulative deposit account and deposits \u20b9 900 per month for a period of 4 years he gets \u20b9 52,020 at the time of maturity, find the rate of interest.
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 900
\nNumber of months(n) = 48
\nLet rate of interest(r)= r% p.a.
\n\"Selina
\nMaturity value= \u20b9 (900 \u00d7 48) + \u20b9 (882)r
\nGiven maturity value = \u20b9 52,020
\nThen \u20b9 (900 \u00d7 48) + \u20b9 (882)r = \u20b9 52,020
\n\u21d2 882r = \u20b9 52,020 – \u20b9 43,200
\n\"Selina<\/p>\n

Question 7.<\/strong><\/span>
\nDeepa has a 4-year recurring deposit account in a bank and deposits \u20b9 1,800 per month. If she gets \u20b9 1,08,450 at the time of maturity, find the rate of interest.
\nSolution:<\/strong><\/span>
\nInstallment per month(P) = \u20b9 1,800
\nNumber of months(n) = 48
\nLet rate of interest(r)= r% p.a.
\n\"Selina
\nMaturity value = \u20b9 (1,800 x 48) + \u20b9 (1,764)r
\nGiven maturity value = \u20b9 1,08,450
\nThen \u20b9 (1,800 x 48) + \u20b9 (1764)r = \u20b9 1,08,450
\n\u21d2 1764r = \u20b9 1,08,450 – \u20b9 86,400
\n\"Selina<\/p>\n

Question 8.<\/strong><\/span>
\nMr. 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 Rs. 8,088 from the bank after 3 years, find the value of his monthly instalment.
\nSolution:<\/strong><\/span>
\n\"Selina<\/p>\n

Question 9.
\n<\/strong><\/span>Shahrukh opened a Recurring Deposit Acoount in a bank and deposited Rs. 800 per month for 1 \\(\\frac { 1 }{ 2 }\\) years. If he received Rs. 15,084 at the time of maturity, find the rate of interest per annum.
\nSolution:<\/strong><\/span>
\n\"Selina<\/p>\n

Question 10.<\/strong><\/span>
\nKatrina 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 \u20b9 1,000, find the :
\n(i) interest earned in 2 years
\n(ii) maturity value
\nSolution:<\/strong><\/span>
\n\"Selina<\/p>\n

Question 11.<\/strong><\/span>
\nMohan 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
\n(i) the monthly installment
\n(ii) the amount of maturity
\nSolution:
\n<\/strong><\/span>Interest, I = Rs. 1,200
\nTime, n = 2 years = 2 \u00d7 12 = 24 months
\nRate, r = 6%
\n(i) To find: Monthly instalment, P
\nNow,
\n\"Selina
\nSo, the monthly instalment is Rs. 800.<\/p>\n

(ii) Total sum deposited = P \u00d7 n = Rs. 800 \u00d7 24 = Rs. 19,200
\n\u2234 Amount of maturity = Total sum deposited + Interest on it
\n= Rs. (19,200 + 1,200)
\n= Rs. 20,400<\/p>\n

Question 11.<\/strong><\/span>
\nPeter has a recurring deposit account in Punjab National Bank at Sadar Bazar, Delhi for 4 years at 10% p.a. He will get \u20b9 6,370 as interest on maturity. Find :
\n(i) monthlyinstallment,
\n(ii) the maturity value of the account.
\nSolution:<\/strong><\/span>
\n\"Selina<\/p>\n

More Resources for Selina Concise Class 10 ICSE Solutions<\/strong><\/p>\n