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

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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

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

S Chand ICSE Maths 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.

S Chand ICSE Solutions for Class 10 Maths 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.

S Chand ICSE 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.

S Chand ICSE Maths Solutions for Class 10 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.

S Chand 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.

S Chand ICSE 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 ICSE 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

S Chand ICSE 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 Maths 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 ICSE Solutions for Class 10 Maths 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?

S Chand ICSE Maths 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.

S Chand ICSE Maths Solutions for Class 10 Chapter 2 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.

S Chand ICSE 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.

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