Sonia had a recurring deposit account in a bank and deposited ₹ 600 per month for 2 1 2 years. If the rate of interest was 10 % p.a., find the maturity value of this account.

Given, Monthly instalment, P = ₹ 600 , Time, n = 2 1 2 yr = 2 × 12 + 6 = 30 months, Rate = 10 % . We know the maturity value = P × n 1 + r ( n + 1 ) 2400 , where P is the monthly instalment. Substituting the values of P , n and r in the above equation, we get, Maturity value = ₹ 600 × 30 1 + 10 × 31 2400 = ₹ 18000 2400 + 310 2400 = ₹ 18000 × 2710 2400 = ₹ 20325 Hence, the maturity value of the account is ₹ 20325 .

E M B I B E

EMBIBE CHAPTER WISE PREVIOUS YEAR PAPERS FOR MATHEMATICS>Commercial Mathematics>Chapter 2 - Banking>ICSE-2018

Embibe Experts Solutions for Exercise 1: ICSE-2020

Author:Embibe Experts

Embibe Experts Mathematics Solutions for Exercise - Embibe Experts Solutions for Exercise 1: ICSE-2020

Attempt the free practice questions from Exercise 1: ICSE-2020 with hints and solutions to strengthen your understanding. EMBIBE CHAPTER WISE PREVIOUS YEAR PAPERS FOR MATHEMATICS solutions are prepared by Experienced Embibe Experts.

Questions from Embibe Experts Solutions for Exercise 1: ICSE-2020 with Hints & Solutions

MEDIUM

10th ICSE

IMPORTANT

EMBIBE CHAPTER WISE PREVIOUS YEAR PAPERS FOR MATHEMATICS>Chapter 2 - Banking>ICSE-2018>Q 1

Sonia had a recurring deposit account in a bank and deposited $₹ 600$ per month for $2 \frac{1}{2}$ years. If the rate of interest was $10 %$ p.a., find the maturity value of this account.

HARD

10th ICSE

IMPORTANT

EMBIBE CHAPTER WISE PREVIOUS YEAR PAPERS FOR MATHEMATICS>Chapter 2 - Banking>ICSE-2018>Q 2

Priyanka has a recurring deposit account of $₹ 1000$ per month at $10 %$ per annum. If she gets $₹ 5550$ as interest at the time of maturity, find the total time for which the account was held.

MEDIUM

10th ICSE

IMPORTANT

EMBIBE CHAPTER WISE PREVIOUS YEAR PAPERS FOR MATHEMATICS>Chapter 2 - Banking>ICSE-2019>Q 3

Rekha opened a recurring deposit account for $20$ months. The rate of interest is $9 %$ per annum and Rekha receives $₹ 441$ as interest at the time of maturity. Find the amount Rekha deposited each month in rupees.

HARD

10th ICSE

IMPORTANT

EMBIBE CHAPTER WISE PREVIOUS YEAR PAPERS FOR MATHEMATICS>Chapter 2 - Banking>ICSE-2020>Q 4

Mr.Sonu has a recurring deposit account and deposits $₹ 750$ per month for $2$ years. If he gets $₹ 19125$ at the time of maturity, find the rate of interest.

Learn and Prepare for any exam you want !

|

|

|

|

|

|

|

|