S Chand ICSE Maths Solutions for Class 10 Chapter 2 Banking

Hi students, Welcome to Amans Maths Blogs (AMB). In this post, you will get S Chand ICSE Class 10 Maths Revision Notes & Solutions Chapter 2 Banking Exercise 2. In ICSE 2021 Class 10 Maths syllabus, this chapter includes the basic details of recurring deposits. 

Read More : S Chand ICSE Class 10 Math Chapter 2 Banking Notes

S Chand ICSE Maths Solutions for Class 10 Chapter 2 Banking Exercise 2

S Chand ICSE Solutions for Class 10 Maths Banking Exercise 2: Ques No 1

Mr. Rajiv Anand has opened a recurring deposit account of Rs. 400 per month for 20 month in a bank. Find the amount he will get at the tie of maturity, if the rate of interest is 8.5% p. a., if the interest is calculated at the end of each month.

S Chand ICSE Maths Solutions:

From the question, we have P = Rs. 400, n = 20 months, r = 8.5%.

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = 400 x 20 x (20 + 1) x 8.5 / 2400

⇒ SI = 595

Thus, the maturity value is MV = Pn + SI = (400 x 20) + 595 = Rs. 8595

Exercise 2: Ques No 2

Mr. Savita Khosla deposits Rs 900 per month in a recurring account for 2 years. If she gets Rs. 1800 as interest at the time of maturity, find the rate of interest if the interest is calculated at the end of each month.

Solutions:

From the question, we have P = Rs. 900, n = 24 months, SI = Rs. 1800

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ 1800 = 900 x 24 x (24 + 1) x r / 2400

⇒ r = 8

Thus, the required rate of interest is 8% p.a.

Banking Exercise 2: Ques No 3

Mr. Brown deposite Rs. 1100 per month in a cumulative time deposit account in a bank for 16 months. If at the end of maturity he gets Rs. 19096, find the rate of interest if interest is calculated at the end of each month.

Maths Solutions:

From the question, we have P = Rs. 1100, n = 16 months, MV = 19096,

So, SI = MV – Pn = 19096 – (1100 x 16) = Rs. 1496

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ 1496 = 1100 x 16 x (16 + 1) x r / 2400

⇒ r = 12

Thus, the required rate of interest is 12% p.a.

Chapter 2 Banking Exercise 2: Ques No 4

Sandhya has a recurring deposit account in Vijya Bank and deposits Rs 400 per month for 3 years. If she gets Rs 16176 on maturity, find the rate of interest given by the bank.

ICSE Maths Solutions:

From the question, we have P = Rs. 400, n = 36 months, MV = 16176,

So, SI = MV – Pn = 16176 – (400 x 36) = Rs. 1777

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ 1777 = 400 x 36 x (36 + 1) x r / 2400

⇒ r = 8

Thus, the required rate of interest is 8% p.a.

Solutions for Class 10 Maths Banking Exercise 2: Ques No 5

A man deposits Rs 600 per month in a bank for 12 months under the Recurring Deposit Scheme. What will be the maturity value of his deposits if the rate of interest is 8 % p.a. and interest is calculated at the end of every month?

S Chand Maths Solutions:

From the question, we have P = Rs. 600, n = 12 months, r = 8%.

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = 600 x 12 x (12 + 1) x 8 / 2400

⇒ SI = 312

Thus, the maturity value is MV = Pn + SI = (600 x 12) + 312 = Rs. 7512

Maths Solutions for Class 10 Chapter 2 Banking Exercise 2: Ques No 6

Anil deposits Rs 300 per month in a recurring deposit account for 2 years. If the rate of interest is 10% per year, calculate the amount that Anil will receive at the end of 2 years, i.e at the time of maturity.

S Chand ICSE Solutions:

From the question, we have P = Rs. 300, n = 24 months, r = 10%.

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = 300 x 24 x (24 + 1) x 10 / 2400

⇒ SI = 750

Thus, the maturity value is MV = Pn + SI = (300 x 24) + 750 = Rs. 7950

S Chand Banking Exercise 2: Ques No 7

Sudhir opened a recurring deposit account with a bank for 1 ½ years. If the rate of interest is 10% and the bank pays Rs 1554 on maturity, find how much did Sudhir deposit per month?

Solutions:

From the question, we have n = 18 months, r = 10%, MV = Rs. 1554

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = P x 18 x (18 + 1) x 10 / 2400

⇒ SI = 57P/40

Since the maturity value is MV = Pn + SI

⇒ 1554 = 18P + 57P/40

⇒ P = Rs. 80 per month.

ICSE Solutions Banking Exercise 2: Ques No 8

Renu has a cumulative deposit account of Rs. 200 per month at 10% per annum. If she gets Rs 6775 at the time of maturity, find the total time for which the account was held.

Maths Solutions:

From the question, we have P = Rs. 200, r = 10%, MV = Rs. 6775

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = 200 x n(n + 1) x 10 / 2400

⇒ SI = 5n(n + 1)/6

Since the maturity value is MV = Pn + SI

⇒ 6775 = 200n + 5n(n + 1)/6

⇒ n² + 241n – 8130 = 0

⇒ (n – 30)(n + 271) = 0

⇒ n = 30 months = 2 1/2 years.