Mohan opened a recurring deposit account in Bank for 5 years and deposited ₹ 100 every month. If the rate of interest is 6 % per annum, then how much amount will he get after 5 years?

Monthly deposit of Mohan P = ₹ 100 Total time period = 5 years Number of instalment n = 5 × 12 = 60 Rates of interests R = 6 % Total interest received by Mohan = P × n n + 1 2 × 1 12 × R 100 ⇒ 100 × 60 × 60 + 1 2 × 1 12 × 6 100 ⇒ 100 × 30 × 61 × 1 12 × 6 100 ⇒ ₹ 915 Total money deposited by Mohan is the product of number of instalment and monthly deposit. So, Total money deposited = n × P = 60 × 100 = ₹ 6000 Total money given to Mohan by the bank = Total deposit + Interest Total money given to Mohan by the bank = ₹ 6000 + ₹ 915 = ₹ 6915

Padmini opened a recurring deposit account in district cooperative bank for 10 years and her monthly installment is ₹ 100 . If on maturity she gets ₹ 3 , 025 as interest, then what is the rate of interest per annum?

Monthly deposited amount of Padmini P = ₹ 100 Total time period = 10 years Number of installment n = 10 × 12 = 120 Rates of interests R = R % Total interest received by Rohan = ₹ 3025 Interest = P × n n + 1 2 × 1 12 × R 100 = 3025 ⇒ 100 × 120 × 120 + 1 2 × 1 12 × R 100 = 3025 ⇒ 120 × 121 2 × 1 12 × R = 3025 ⇒ 5 × 121 × R = 3025 ⇒ R = 3025 5 × 121 = 5 % Hence, the required answer is 5 % .

E M B I B E

EMBIBE CHAPTER WISE PREVIOUS YEAR PAPERS FOR MATHEMATICS>Chapter 8 - Banking and Taxation>Chhattisgrah Board-2020>Q 10

EASY

10th Chhattisgarh Board

IMPORTANT

Earn 100

Vasim opened a recurring deposit account in Punjab National Bank. He deposits $₹ 200$ per month for $5 y e a r s$ . If rate of interest is $6 %$ per annum, find the amount he will receive at the time of maturity.

Important Questions on Banking and Taxation

MEDIUM

10th Chhattisgarh Board

IMPORTANT

EMBIBE CHAPTER WISE PREVIOUS YEAR PAPERS FOR MATHEMATICS>Chapter 8 - Banking and Taxation>Chhattisgrah Board-2020>Q 11

The income of a government employee in financial year $2013 - 2014$ was $₹ 3, 60, 000$ . He deposited $₹ 20, 000$ as yearly premium on life insurance policy and $₹ 4, 000$ every month in General Provident Fund. If a maximum of $₹ 1, 00, 000$ can be invested in any type of saving to qualify tax rebate, then calculate the payable income tax.

The rate of tax are as follows:

SL.No.	Tax limits	Rate of tax
$1$ .	Up to $₹ 2, 00, 000$	Nill
$2$ .	$₹ 2, 00, 001$ to $₹ 5, 00, 000$	$10 %$
$3$ .	$₹ 5, 00, 001$ to $₹ 10, 00, 000$	$20 %$