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

shahrukh deposited Rs 800 per month For n = 1 1 2 years = 18 months ∴ Total money deposited = 18 × 800 = Rs 14400 Give that the maturity value = Rs 15084 Interest paid by the bank = maturity value - Total sum deposited = 15084 - 14400 = Rs 684 Now SI = P × n ( n + 1 ) 2 × 12 × r 100 ⇒ 684 = 800 × 18 ( 18 + 1 ) 2 × 12 × r 100 ⇒ r = 684 × 2 × 12 × 100 800 × 18 × 19 ⇒ r = 6 %

E M B I B E

Concise Mathematics>Chapter 2 - Banking (Recurring Deposit Accounts)>EXERCISE>Q 2

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10th ICSE

IMPORTANT

Earn 100

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 $₹ 1, 554$

Important Questions on Banking (Recurring Deposit Accounts)

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10th ICSE

IMPORTANT

Concise Mathematics>Chapter 2 - Banking (Recurring Deposit Accounts)>EXERCISE>Q 3

The maturity value of a R.D. Account is

₹ 16, 176 .

If the monthly instalment is

₹ 400

and the rate of interest is

8 %

; find the time (period) of this R.D. Account.

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10th ICSE

IMPORTANT

Concise Mathematics>Chapter 2 - Banking (Recurring Deposit Accounts)>EXERCISE>Q 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.?

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10th ICSE

IMPORTANT

Concise Mathematics>Chapter 2 - Banking (Recurring Deposit Accounts)>EXERCISE>Q 5

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

the monthly instalment.

HARD

10th ICSE

IMPORTANT

Concise Mathematics>Chapter 2 - Banking (Recurring Deposit Accounts)>EXERCISE>Q 5

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

the amount of maturity.

HARD

10th ICSE

IMPORTANT

Concise Mathematics>Chapter 2 - Banking (Recurring Deposit Accounts)>EXERCISE>Q 6

Gopal has a cumulative deposit account and deposits