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Goyal's ICSE Mathematics Question Bank with MTP for Class 10 7 10. Sharda deposited `150 per month in a bank for 8 months under the recurring deposit scheme. If the rate of interest is 8% p.a., then interest earned at the time of maturity is : (a) `50 (b) `40 (c) `36 (d) `30 11. Ravi has a 4 year cumulative time deposit account and deposits `650 per month. If he receives `36,296 at the time of maturity, the rate of interest was: (a) 10% p.a. (b) 9% p.a. (c) 8% p.a. (d) 7.5 % p.a. 12. Piyush has a recurring deposit account for 2 years at 10% p.a. If he receives `1900 as interest, the monthly instalment paid by him is : (a) ` 700 (b) ` 750 (c) `760 (d) `800 13. A man deposited `1500 every month in a bank for 8 months under the recurring deposit scheme. If the rate of interest is 8% p.a., then the interest earned at the time of maturity is : (a) `400 (b) `350 (c) `360 (d) `320 14. Kamal deposits `4,000 per month in a recurring deposit account for 11 2 years at 6% p.a. The interest he will receive at the time of maturity is : (a) ` 3,420 (b) ` 3,240 (c) `3,150 (d) `3,110 15. Garima deposited `500 per month in a recurring deposit account for 3 years. If the rate of interest is 4%, p.a., then the amount she gets at the time of maturity is : (a) ` 1,110 (b) ` 19,110 (c) `20,150 (d) `21,110 16. Amrita deposited `1600 per month in a recurring deposit account for 2 years. If the rate of interest is 8% p.a., then the interest earned by her at the time of maturity is : (a) `3,200 (b) `3,450 (c) `3,550 (d) `3,600 17. Manisha deposited `500 per month in a recurring deposit account for 2 years. If the bank pays interest at 8% p.a., then the interest she gets at the time of maturity is : (a) `1,000 (b) `1,100 (c) `1,200 (d) `1,500 18. Ajay deposited ` 2400 per month for 18 months in a bank's recurring deposit account. If the bank pays interest at 6% p.a., the interest he gets at the time of maturity is : (a) ` 1,550 (b) ` 18,000 (c) `2,052 (d) `3,250 19. Sameer has a recurring deposit account in a bank for 3 years at 4% p.a. simple interest. If he gets ` 4,440 as interest at the time of maturity, then the monthly instalment is : (a) ` 2,000 (b) ` 26,000 (c) `3,000 (d) `3,200 20. Dinesh has a recurring deposit account, which pays interest at 5% p.a. If he pays `2500 per month for 2 years, then the interest he will get at the time of maturity is : (a) ` 3,000 (b) ` 3,025 (c) `3,200 (d) `3,125 Answers 1. (d) 2. (c) 3. (b) 4. (b) 5. (b) 6. (a) 7. (d) 8. (a) 9. (a) 10. (c) 11. (c) 12. (c) 13. (c) 14. (a) 15. (b) 16. (a) 17. (a) 18. (c) 19. (a) 20. (d) B. Short Answer Type Questions [3 Marks] 1. Rekha opened a recurring deposit account for 20 months. The rate of interest is 9% per annum and Rekha receives `441 as interest at the time of maturity. Find the amount Rekha deposited each month. Sol. Interest, (I) = `441, Time (n) = 20, Rate of interest (R) = 9% Let the amount deposited each month by Rekha be P, then, I = P × ( + 1) R × × n n 2 1 12 100 ⇒ 441 = P × 20 (20 + 1) 9 × × 2 1 12 100 ⇒ 441 = 63P 40 ⇒ P = `280.
8 Goyal's ICSE Mathematics Question Bank with MTP for Class 10 2. Mr. Sonu has a recurring deposit account and deposits ` 750 per month for 2 years. If he gets `19,125 at the time of maturity, find the rate of interest. Sol. Principal (P) = `750, Time (n) = 2 × 12 = 24 months. Total amount i.e; maturity value (M.V.) = `19,125 M.V. = P × n + S. I. ⇒19,125 = 750 24 + P ( + 1) 2 12 R × × × × n n 100 ⇒19,125 = 18,000 750 24 (24 + 1) 24 R + × × 100 ⇒1125 = 375 R 2 ⇒ R = 6% p.a. 3. Kabeer opened a recurring deposit account in a bank and deposited `300 per month for two years. If he received `7,725 at the time of maturity, find the rate of interest per annum. Sol. P = `300, Time (n) = 2 × 12 = 24 months, M. V. = `7725 ∴ P × n + S. I. = 7725 300 24 + ( + 1) 2 12 R × P × × × n n 100 7725 24 (24 + 1) 2 12 R 300 × × × 100 525 ⇒ 75R = 525 ⇒ R = 7% p.a. 4. Ram deposits `1000 per month in a recurring deposit account for 3 years at 8% per annum interest. Find the maturity value. Sol. P = `1000, Time (n) = 3 × 12 = 36 months, R = 8% p.a. Maturity value = P × n + S. I. = P + P ( + 1) 2 12 R × × × n × n n 100 = 1000 + 1000 ( + 1) 2 12 8 × × × 36 × 36 36 100 = `36,000 + `4,440 = `40,440. 5. Reema deposited `200 per month for 3 years in a bank's recurring deposit account. If the bank pays interest at the rate of 11% p.a., find the amount she gets on maturity. Sol. P = `200, Time (n) = 3×12 = 36 months, R = 11% p.a. Maturity value = P × n + S. I. = P + P ( + 1) 2 12 R × × × n × n n 100 = 200 + 200 ( + 1) 2 12 11 × × × 36 × 36 36 100 = `7200 + `1221 = `8421. 6. Harishankar opened a recurring deposit account in a bank and deposited `800 per month for 18 months. If he received `15,084 at the time of maturity, find the rate of interest per annum. Sol. P = `800, Time (n) = 18 months, M.V. = `15,084 S.I. = M. V. – P × n ⇒ P ( + 1) 2 12 × R × × n n 100 = `(15084 – 800 × 18) ⇒ 800 ( + 1) × R × 18 18 24 100 = 684 ⇒ R = 6% p.a. C. Long Answer Type Questions [4 Marks] 1. Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets `1200 as interest at the time of maturity, find : (a) the monthly instalment (b) the amount of maturity