Selina solutions for Concise Mathematics [English] Class 10 ICSE chapter 2 - Banking (Recurring Deposit Account) [Latest edition]

₹ P per month is deposited for n months in a recurring deposit account which pays interest at the rate of r% per annum. The nature and time of interest calculated is ______.

₹ 900 is deposited every month in a recurring deposit account at 10% rate of interest, the interest earned in 8 months is ______.

A man gets ₹ 1,404 as interest at the end of one year. If the rate of interest is 12% per annum in R.D. account, the monthly instalment is ______.

Manish opened an R.D. account in a bank and deposited ₹ 1,000 per month at the interest of 10% per annum and for 2 years. The total money deposited by him is ______.

₹ 800 per month is deposited in an R.D. account for one and half years. If the depositor gets ₹ 2,280 as interest at the time of maturity, the rate of interest is ______.

Each of A and B both opened a recurring deposit accounts in a bank. If A deposited Rs. 1,200 per month for 3 years and B deposited Rs. 1,500 per month for 2 ½ 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.

Ashish 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 ₹ 12,715 as the maturity value of this account, what sum of money did money did he pay every month?

A man has a Recurring Deposit Account in a bank for `3 1/2` years. If the rate of interest is 12% per annum and the man gets Rs. 10,206 on maturity, find the value of monthly instalments.

Amit deposited Rs. 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?

Mr. Gulati has a Recurring Deposit Account of Rs. 300 per month. If the rate of interest is 12% and the maturity value of this account is Rs. 8,100; find the time (in years) of this Recurring Deposit Account.

Mr. Gupta opened a recurring deposit account in a bank. He deposited Rs. 2,500 per month for two years. At the time of maturity he got Rs. 67,500. Find:

1. the total interest earned by Mr. Gupta.
2. the rate of interest per annum.

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:

1. the monthly instalment.
2. the amount of maturity.

Mr. Anil has a recurring deposit account. He deposits a certain amount of money per month for 2 years. If he received an interest whose value is the double of the deposit made per month, then find the rate of interest.

In a recurring deposit account, John deposits ₹ 500 per month for 24 months. If the interest he earns is one-tenth of his total deposit, the rate of interest is ______.

₹ 50 per month is deposited for 20 months in a recurring deposit account. If the rate of interest is 10%; the maturity value is ______.

A certain money is deposited every month for 8 months in a recurring deposit account at 12% p.a. simple interest. If the interest at the time of maturity is ₹ 36, the monthly instalment is ______.

In a recurring deposit account, Mohit deposited ₹ 5,000 per month for one year and at maturity gets ₹ 67,500; the total interest earned is ______.

A certain money is deposited in a recurring deposit account for 15 months. If the interest earned for this deposit is one-fifth of the monthly instalment; the rate of interest is ______.

In a cumulative deposit account, a man deposited ₹ 5,000 per month for 6 months and received ₹ 33,000 on maturity.

Assertion (A): The interest received by him is ₹ 3,000.

Reason (R): Interest received in a cumulative deposit account = Maturity value - Total sum deposited.

Devanand deposited ₹ 2,000 per month in a recurring deposit account on which the bank pays an interest of 10% per month.

Assertion (A): The total sum deposited in `1 1/2` years = ₹ 36,000

Reason (R): Maturity value of this account = 36,000 + Interest on it.

Mr. David deposited ₹ 100 per month in a cumulative deposit account for 1 year at the rate of 6% р.a.

Statement (1): Qualifying sum of his whole deposit = ₹ 7,800.

Statement (2): Let a sum of P be deposited every month in a bank for n months. If the rate of interest be r% p.a., then interest on the whole deposit = `P xx (n (n + 1))/12 xx r/100`.

For a recurring deposit account in a bank, the deposit is ₹ 1,000 per month for 2 years at 10% p.a. rate of interest.

Statement (1): The interest earned is 10% of ₹ (24 × 1,000).

Statement (2): For monthly instalment = ₹ P, number of instalment = n and rate of interest r% p.a.; the interest earned = `(p xx n xx (n + 1))/12 xx r/100`.

The maturity value of a R.D. Account is ₹ 3,320. If the monthly instalment is ₹ 400 and the rate of interest is 10%; find the time (period) of this R.D. Account.

Mr. Bajaj needs Rs. 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.?

Mr. Richard has a recurring deposit account in a post office for 3 years at 7.5% p.a. simple interest. If he gets Rs. 8,325 as interest at the time of maturity, find:

1. the monthly instalment.
2. the amount of maturity.

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

Shahrukh opened a Recurring Deposit Account in a bank and deposited Rs. 800 per month for `1 1/2` years. If he received Rs. 15,084 at the time of maturity, find the rate of interest per annum.

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

1. Interest earned in 2 years.
2. Matured value.

Mr. Krishnan deposits ₹ 1,000 per month in a recurring deposit account with State Bank of India for 2 years at 8% p.a. simple interest

Based on above information answer the following:

(i) Find the equivalent principal for 1 month.

(ii) Find the amount of maturity Mr. Krishnan will get at the end of 2 years.

(iii) If the bank revised the rate of interest 6% p.a. from 8% p.a., then by how much the interest paid by the bank will be reduced.

A recurring deposit account is opened with Dena Bank, Meerut Cantt. For this ₹ 2,000 per month (at 10% p.a.) is deposited in the bank. If the maturity value is ₹ 25,300, find the total time for which account was held.

Manisha deposited ₹ 1,000 per month in a recurring deposit account for a period of `2 1/2` years. She received ₹ 33,100 at the time of maturity. Find:

1. the rate of interest
2. how much less interest will Manisha receive, if she deposited ₹ 200 less per month at the same rate of interest and for the same time?

Mr. Ahuja deposited ₹ 500 per month in an R.D. account for a period of 3 years. He received ₹ 20,220 at the time of maturity. Find:

1. rate of interest.
2. how much more interest Mr. Ahuja will receive, if he had deposited ₹ 100 more every month.

Premlata deposits ₹ 5,000 in an R.D. account at 8% p.a. rate of interest. How much per month must she deposit to get the same interest when the rate of interest is increased by 2%. Time in both the cases is same.

Manish, a bank employee, purchased a plot (15m × 18m) in Ghaziabad. He paid ₹ 2,00,000 at the beginning as down payment and agreed to pay the remaining ₹ 6,00,000 at the end of 2 years from the date of purchase.

In order to pay ₹ 6,00,000 at the end of two years, he opened an R.D. account in his bank, with ₹ 20,000 per month at 8% rate of interest.

1. Find the maturity value of this account at end of 2 years.
2. Is the M.V. of the above R.D. account equal to ₹ 6,00,000?

If not, how much more/less should the monthly instalment be so that Manish gets the required money (₹ 6,00,000) at the end of two years?