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 Maths Solutions for Class 10 Chapter 2 Banking Revision Exercise. In ICSE 2020 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 Revision Exercise 

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

Amit deposited Rs 150 per month in a bank for 8 months under the Recurring Deposit Scheme. What will be the maturity value of his deposits, if the rate of interest is 8% per annum and the interest is calculated at the end of every month?

S Chand ICSE Maths Solutions:

From the question, we have P = Rs. 150, n = 8 months, r = 8%.

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = 150 x 8 x (8 + 1) x 8 / 2400

⇒ SI = 36

Thus, the maturity value is MV = Pn + SI = (150 x 8) + 36 = Rs. 1236

Ques No 2

Mr. R. K. Nair gets Rs 6455 at the end of one year at the rate of 14% per annum in a Recurring Deposit Account. Find the monthly installment.

Solutions:

From the question, we have n = 12 months, r = 14%,

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = P x 12 x (12 + 1) x 14 / 2400

⇒ SI = 91P/100

Since the maturity value is MV = Pn + SI = 6455

⇒ 6455 = 12P + 91P/100

⇒ P = Rs. 500 per month.

Revision Exercise: Ques No 3

Mohan deposits Rs 80 per month in a cumulative deposit account for six years. Find the amount payable to him on maturity, if the rate of interest is 6% per annum.

S Chand ICSE Solutions:

From the question, we have P = Rs. 80, n = 72 months, r = 6%.

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = 80 x 72 x (72 + 1) x 6 / 2400

⇒ SI = Rs 1051.20

Thus, the maturity value is MV = Pn + SI = (80 x 72) + 1051.20 = Rs. 6811.20

Banking Revision Exercise: Ques No 4

Saloni deposited Rs 150 per month in her bank for eight months under the Recurring Deposit Scheme. What will be the maturity value of her deposit, if the rate of interest is 8% per annum and the interest is calculated at the end of every month?

Maths Solutions:

From the question, we have P = Rs. 150, n = 8 months, r = 8%.

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = 150 x 8 x (8 + 1) x 8 / 2400

⇒ SI = 36

Thus, the maturity value is MV = Pn + SI = (150 x 8) + 36 = Rs. 1236

Chapter 2 Banking Revision Exercise: Ques No 5

David opened a Recurring Deposit Account in bank and deposited Rs 300 per month for two years. If he receive Rs. 7725 at the time of maturity, find the rate of interest per annum.

ICSE Maths Solutions:

From the question, we have P = Rs. 300, n = 24 months, MV = 7725,

So, SI = MV – Pn = 7725 – (300 x 24) = Rs. 525

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ 525 = 300 x 24 x (24 + 1) x r / 2400

⇒ r = 7

Thus, the required rate of interest is 7% p.a.

Maths Banking Revision Exercise: Ques No 6

Mrs Goswami deposits Rs 1000 every month in a recurring deposit account for 3 years ar 8 % interest per annum. Find the matured value.

S Chand Solutions:

From the question, we have P = Rs. 1000, n = 36 months, r = 8%.

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = 1000 x 36 x (36 + 1) x 8 / 2400

⇒ SI = Rs. 4440

Thus, the maturity value is MV = Pn + SI = (1000 x 36) + 4440 = Rs. 40440

S Chand Banking Revision Exercise: Ques No 7

Mr Gupta opened a recurring deposit account in a bank. He deposited Rs 2500 per month for two years. At the time of maturity he  got Rs 67500.

Find (i) the total interest earned by Mr. Gupta. (ii) the rate of interest per annum.

Solutions:

From the question, we have P = Rs. 2500, n = 24 months, MV = 67500,

So, (i) SI = MV – Pn = 67500 – (2500 x 24) = Rs. 7500

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ 7500 = 2500 x 24 x (24 + 1) x r / 2400

⇒ r = 12

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

Class 10 Maths Banking Revision Exercise: Ques No 8

Ahmed has a recurring deposit in a bank. He deposits Rs 2500 per month for 2 years. If he gets Rs 66250 at the time of maturity,

Find: (i) the interest paid by the bank, (ii) the rate of interest.

S Chand ICSE Maths Solutions:

From the question, we have P = Rs. 2500, n = 24 months, MV = 66250,

So, (i) SI = MV – Pn = 66250 – (2500 x 24) = Rs. 6250

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ 6250 = 2500 x 24 x (24 + 1) x r / 2400

⇒ r = 10

Thus, (ii) the required rate of interest is 10% p.a.

Banking Revision Exercise: Ques No 9

Kiran deposited Rs. 200 per month for 36 months in a bank’s recurring deposit account. If the bank pays interest at the rate of 11% per annum, find the amount she gets on maturity.

ICSE Maths Solutions:

From the question, we have P = Rs. 200, n = 36 months, r = 11%.

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = 200 x 36 x (36 + 1) x 11 / 2400

⇒ SI = Rs. 1221

Thus, the maturity value is MV = Pn + SI = (200 x 36) + 1221 = Rs. 8421

Class 10 Exercise: Ques No 10

Mr. Britto deposits a certain sum of money each month in a recurring deposit account of a bank. If the rate of interest is 8% per annum and Mr. Britto gets Rs. 8088 from the bank after 3 years, find the value of his monthly installment.

S Chand Solutions:

From the question, we have n = 36 months, r = 8%,

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = P x 36 x (36 + 1) x 8 / 2400

⇒ SI = 111P/25

Since the maturity value is MV = Pn + SI = 8088

⇒ 8088 = 36P +111P/25

⇒ P = Rs. 200 per month.

Ques No 11

Shahrukh opened a recurring deposit account in a bank and deposited Rs 800 per month for 1 ½ years. If he received Rs 15084 at the time of maturity, find the rate of interest per annum.

Solutions:

From the question, we have P = Rs. 800, n = 18 months, MV = 15084,

So, SI = MV – Pn = 15084 – (800 x 18) = Rs. 684

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ 684 = 800 x 18 x (18 + 1) x r / 2400

⇒ r = 6

Thus, the required rate of interest is 6% p.a.

Ques No 12

Katrina opened a recurring deposit account with a Nationalised Bank for a period of 2 years. If the bank pays interest at the rate of 6% per annum and the monthly instalment is Rs. 1000.

Find the (i) interest earned in 2 years. (ii) Matured value.

Solutions:

From the question, we have P = Rs. 1000, n = 24 months, r = 6%.

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ SI = 1000 x 24 x (24 + 1) x 6 / 2400

⇒ (i) SI = Rs. 1500

Thus, the maturity value is (ii) MV = Pn + SI = (1000 x 24) + 1500 = Rs. 25500

Ques No 13

Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs 1200 as interest at the time of maturity,

Find (i) the monthly instalment (ii) the amount of maturity

Solutions:

From the question, we have n = 24 months, r = 6%, SI = 1200

Putting these values in SI formula, we get

SI = Pn(n + 1)r/2400

⇒ 1200 = P x 24 x (24 + 1) x 6 / 2400

⇒ (i) P = Rs. 800

Since the maturity value is (ii) MV = Pn + SI = (800 x 24) + 1200 = Rs. 20400