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ICSE Class X Question Bank 2026 : Mathematics : Banking

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Course of Action Maximum Time = 1Hrs Maximum Questions = 28 2 BANKING Learning 0bjectives The students will be able to learn about: " Understand the concept of Recurring Deposit Accounts and their significance in personal finance. " Learn to compute the interest accrued and maturity value of a recurring deposit using the given formula. " Gain proficiengy in applying the formula to calculate interest and maturity value based on parameters such as principal amount, interest rate and deposit tenure. Revision Notes > Bank: It is a financial institution, where one can deposit the money and also Banking obtain loans. r n= number of months with a bank whereby one may deposit (Credit) and withdraw money (Debit) Scan Me! > Different Types of Account: 1. Current Account 2. Savings Account 3. Fixed Deposit Account, Recurring Deposit Account Money Market Account 5. Individual Retirement Account 1. Current Account: A current account offers easy access to your money for your daily transactional needs and helps keep your cash secure. 2. Savings Account: A saving account allows you to accumulate interest on funds you've saved for future needs. Interest rates can be compounded on a daily, weekly, monthly or annual basis. 3. Fixed Deposit (ED.) Account: In this account an individual can deposit a certain amount for acertain period of time. The interest is calculated as per the bank r=rate of interest per annum I= Interest given by bank Maturity value (M.V) = Pxn +I the person gets both deposited amount with some extra [Board 2022, 23, 24] Example 1 Ram deposits 1600 per month in a bank for 18 months in R.D. account. If he gets 31,080 at the time of maturity, then find the rateof interest per annum. SoL. Given that, Principal amount, P=1600 Maturity amount, MV =31,080 Duration of deposit, n = 18 months Let the rate of interest be r We know that, Interest, rules. 4. Recurring Deposit (R.D.) Account: Thistype of account is basically made for small savings. The individual person decides a certain amount to deposit in bank on a monthly basis for a certain period of time. After the time gets over, amountpaid by the bank as interest. n(n+1) 2x12100 P= Amount deposited every month > Bank Account: An arrangement made and in some cases be paid interest. I= Px I= MV-Pxn I= 31080 1600 x 18 I=31080 28800 I=72,280 Also, I= Px n x (n + 1) x 2400 (MV). get the maturity value Calculate Maturity Value: 2. Add the total interest 4.2 To Interest: Calculate 4.1 To used for: Commonly ()to the total principal to get the total principal. interest ( ) 1. Multiply the monthly deposit (P) by the number of months (n) to to compute the total 3. Use the interest formula number of months (n). 2. Determine the total 1. ldentify the monthly deposit amount (P ). Risk-free investment option for short-term goals Financial planning Calculation 4. Steps for 6. Applications Banking 3. Formulas Deposit (R.D.) schemes Interest is compounded monthly. Atype of savings account where a fixed amount is deposited at regular intervals. (): Interest earned (Pxn): Total principal deposited (MV ):Maturity value (r):Annual rate of interest (percentage) (n): Number of months principal and the interest, is given by: MV = P xn+ IWhere: which includes both the The maturity value, 3.2 Maturity Value (MV) I=Px n(n+1) X 1Px100 Where: 2 calculated using the formula: recurring deposit account is (P): Monthly deposit deposit at the end of the tenure, including interest. Interest (): The total interest earned over the tenure of the deposit. Maturity Value (MV): The total value of the held for. percentage). Tenure (n):Total number of months the deposit is Rate of Interest (r): Annual interest rate (in month. Principal (P): The fixed anount deposited every Definition: The interest earned on a 3.1 Interest (1) 2. Key Terminology Account 1. Recurring Small savings & MACTHlEas-IC1S0, Topicwse, Chapterwis Bank Question ICSE Oswal 16 Banking 2. 2280 = 1600 18 x 19 r= 10% Maturity value = Principal xTime in month + Interest i.e., M.V. = Pxn +I 2400 So. the rate of interest per annum is 10%. = PXn+ Pxn(n+ 1) 2x 12 Example2 100 n+1 2x 12 100 Shristy has a R.D. in a bank for 32 years at 9.5% SI per annum if she gets ? 75,000 at the time of maturity. Find the amount of monthly instalment. SoL. Given that, MNEMONICS (a) Simple interest for RD account Maturity amount, M.V. = 75,000 Duration of deposit, n = 32 PRT years = 42 months 100 "|= PRT" = PR xn(n +1) Rate of interest, r = 9.5% 2400 Let the Principal amount be P We know that, Mnemonics: It can be read as "Iam PReTty'". MV = Pxn+ Pxn(1+1) r 2x12 100 Interpretation: P= Principal 19 75000 = (Px42) +|p42x Px 2x 1243 200 75000 = 42P+ R= Rate of Interest 5719P Time = 800 39319,p=75000 n(n+1) 24 (b) Maturityvalue =Pxn+l 800 Mnemonics: "Principal needs Importance from P=71525.98 Hence, the amounts of monthly installment 1525.98. valued Man'". Interpretation: Key Formulae ! 1, Interest () = M = Maturity Value Pxn(n +1) r P= Principal Amount 100 2x 12 n= Time in months where P = Amount Deposited |= Interest n= Time in months and r= Rate of interest p.a. (p.a. = per annum) OBJECTIVE TYPE QUESTIONS (a) 84 AJ Multiple Choice Questions (b) 42 (a) 284 R[Board 2023] (c) 24 1. Radha deposited 400 per month in a recurring ANs.Option (a) is correct. ExP deposit account for 18 months. Amount = Principle + Interest The qualifying sum of moneyfor the calculation of interest is (b) 7,200 (d) ?1,36,800 (c) 68,400 4884 = 800 6 + Interest Interest = 4884 4800 =84 (a) 3,600 AISpecimen 2024-25] [Marking Scheme, 2025] SoL. Option (c) is correct. Exp P= n(1+1)x 2 where, n= Number of months = 18 X= Deposit amount = 400 So. P= 18 x 19x 400 =68,400 Z. Naveen deposits 800 every month in a recurring deposit account for 6 months. If he receives 4,884 at the time of maturity, then the interest he earns 1S: Examiner's Comment Calculating interest based on monthly compounding instead of simple interest. Forgetting that recurring deposits (RDs) typically earn simple interest, not compound interest. Answering Tip Always subtract the total deposits from the maturity amount to find simple interest in RDs. Verify if the question specifies compound interest; otherwise, assume simple interest for RDs. MATHEMATICS, Class-10 Oswaal ICSE Question Bank Chapterwise &Topicwise, 18 3. Mohit opened a Recurring deposit account in a bank for 2years. He deposits 1,000every month and receives ? 25,500 on maturity. The interest he earned in 2 years is: (A) 13,500 (b) 3,000 (c) 24,000 (d) 1,500 est amount earned by him is (a) 65 (b) 120 (c) 130 (d) 260 (c) Statement 1 is true and Statement 2 is false. (d) Statement 1 is false and Statement 2 is true. ANs.Option (a) is correct. Exp Given, Monthly deposit (P) = 200 Tenure (n) = 5 years = 60 months U (Board, 2022] Rate of interest (r) = 9% per annum 4. Mr. Gupta deposit 200 per month for 1 year in a Total Deposits =Pxn = 200 x 60 = 12,000 bank's R.D. account at the rate of 10% p.a. then the inter The formula for interest in a Recurring Deposit (R.D.) is: I= Px AOEB] amount for 2 years at the rate of 5% per annum, then the amount he gets on maturity is (a) 24,500 (b) 7 2,460 (d) 25,250 M.V. = 24 x 1000+ 60 x 61 9 2 1200 3660 9 2 1200 I= 200 1830 X 0.0075 A [OEB] I= 200 X 13.725 I=2,745 Maturity Amount = Total Deposits + Interest Pxnx(n +1) X 2x 12 1200 I= 200 ExP P=1000, 1n =2 years = 2A months, r= 5% M.V. = Pxn+ 9 2 I= 200 x 5. Mr. Singh deposited 1000 every month in a R.D. (c) 12,575 ANS. Option (d) is correct. n(n+1) Maturity Amount =12,000 + 2,745=14.745 100 [B] Assertion and Reason Questions 1000 x 24 x 25 x 5 DIRECTIONS: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). 2400 = 24000 + 1250 Mark the correct choice as: M.V. = 25,250 6. In aRD. Account, if P= 600; M.V. = 7 12,350, (a) Both (A) and (R) are true, and (R) is the correct explanation of (A). r= 10% p.a. then the time for which the account is held will be.. (a) 19 months (b) 18 months (b) Both (A) and (R) are true, but (R) is not the correct (c) 20months (d) (A) is false, but (R) is true. (d) 17 months 1. Assertion (A): Increasing the deposit amount in a recurring deposit account leads to a higher maturity ANs. Option (a) is correct. FxE value. M.V. =Pn +I 12350= 600n + 600 n(n +1) 10 2x 12 100 12350 = 600 n + 5n(n + 1) 2 12350 = [OEB] explanation of (A). (c) (A) is true, but (R) is false. 1200n + 5n + 5n 2 Reason (R): The maturity value of a recurring deposit account is directly proportional to the deposit amount. ANs. Option (b) is correct. LExP Assertion is true because R [OEB] increasing the deposit amount in a recurring deposit account to a higher maturity value. This is becausedoes indeed lead a larger deposit amount results in more interest earned over the deposit tenure. n= 19 months Reason (R) is partially correct. While a higher deposit generally leads to a higher maturity value, 7. Statement-I: Anaya deposits ? 200 per month in a amount the relationship is not strictly directly proportional because recurring deposit account for 5 years in PNB. At the time interest is calculated based on the time each installment of maturity, she receives 14745, then interest rate is 9%. remains in the account. Statement-II: The rate of interest for Anaya's recurring Both (A) and (R) are true, but (R) is not the correct deposit account can be calculated using the formula: explanation of (A). I= Pxnu+1) xr 2. Assertion (A): Doubling 2x1200 deposit tenure in a recur ring deposit account doublesthe the maturity value. where P=200, n = 60, and maturity amount = total Reason (R): The maturity value a recurring deposit + interest. deposit account increases with tenure,of but not in direct (a) Both statement are true. proportion due to the way interest is calculated on each installment. (b)Both statement are false. n+ 241n 4940 =0= (n + 260) (n -19) R [OEB] These uestions are for practice and their solutions are available at the end of the chapter. 19 BankingaANEHAMoou ANs. Option (d) is correct. Exe Assertion is false because doubling the deposit tenure in arecurring deposit account does not necessarily double the maturity value. The nmaturity value is influenced by factors such as the deposit amount, interest rate and frequency of deposits, in addition to the deposit tenure. Reason is true as it correctly explains that while maturity value increases with tenure, the increase is not directly proportional, due to the time-weighted nature of interest calculation in recurring deposits. Reason (R): The maturity value is directly proportional to R [OEB] the deposit frequency. ANs.Option (c) is correct. ExP Assertion is true because, if you decrease the frequency (e.g., from monthly to quarterly), the number of times you're depositing goes down, so less total money is invested, and some of it remains in the account for less time, resulting in less interest earned. While more frequent deposits can lead to a higher maturity value, it's not strictly a direct proportion. Maturity depends on total deposits and interest accrued, not just frequency. 3. Assertion (A): The maturity value of a recurring The relationship is not linear; ie's influenced by timing and interest compounding. deposit account is affected by the interest rate. Reason (R): The maturity value is directly proportional to the square of the interest rate. R [OEB] ANs. Option (c) is correct. Thus, reason is false. 5. Assertion (A): The maturity value of a recurring deposit account is unaffected by changes in the interest rate. ExP Assertion is true because the maturity value of a recurring deposit account is indeed affected by the interest rate. Ahigher interest rate results in higher interest earnings Reason (R: The maturity value is not directly proportional R [OEB] to the interest rate. ANs. Option (d) is correct. over the deposit tenure, leading to a higher maturity value. Exe Assertion is false because changes in the interest rate Reason is false because the maturity value of a recurring do indeed affect the maturity value of a recurring deposit deposit account is not directly proportional to the square account. A higher interest rate results in higher interest of the interest rate. While the interest rate does influence earnings over the deposit tenure, leading to a higher the maturity value, it is not squared in the calculation of the maturity value. Therefore, the Assertion is true, but the Reason is false. 4. Assertion (A): The maturity value of a recurring deposit account decreases if the deposit frequency is decreased. maturity value. Reason is true because the maturity value of a recurring deposit account is not directly proportional to the interest rate. While the interest rate does influence the maturity value, it is not the sole determining factor. SUBJECTIVE TYPE QUESTIONS SoL. Given that, Suresh deposits amount, P=2,000 per 3Marks Questions month 1. Mr. Sameer has a recurring deposit account and deposits 600per month for 2 years. If he gets ? 15,600 at the time of maturity, find the rate of interest earned by him. A&EISpecimen 2024-25] 2x12 600 x 24 x 25 2x12 100 X Maturity value = 15,600 Since, M.V. = P Xn + I1 600 x 24 + 150r = 15,600 r= We know that, I= Pxn(n+1),. 1040 = 2000 xn(n+1) 8 2x12 100 2x12 r 100 = 150r 150r = Let the duration of deposit be n months Xn7+), r SoL. We knowt h a t . = Interest = Rate of interest, r= 8% Interest,I=1,040 100 n(n + 1) = 156 12 x 13 = 156 n= 12 So, total time of deposit is 12 months or 1 year. Examiner's Comments 15,600 - 14400 1200 150 r=8% 2. Suresh has a recurring deposit account in a bank. He deposits 2,000 per month and the bank pays interest at the rate of 8% per annum. If he gets 1,040 as interest at the time of maturity, find in years total time for which the account was held. A(Board, 2024] Majority of the candidates attempted this question incorrectly. Few candidates used incorrect formula to find interest for recurring deposit account. Some candidates made calculation error other candidates wrote the final answer as 12 months instead of 1year as per the question. However, some candidates took 1040 as M.V. and calculated using M.V. formula thereby ending up with an incorrect answer. Oswaal ICSE Question Bank Chapterwise &Topicwise, MATHEMATICS, Class-10 20 A&A [Board, 20221 (b) the rate of interest. 24 = years 11 =2, 1,000, = P Given, (a) SoL. Y= Answering Tips months, Providing more practice on sums related to recurring of interest I=Px "7+),1 2 100 12 Ciibot I= 1000x 24(2A +1), deposit accounts, especially in finding time, would reduce such errors. - Read the question carefully so as to give the final answer in the right form. 2 Remember that the interest on maturity is calculated monthly and not yearly. M.V. = PXn+I 3. In arecurring deposit account for 2 years, the total amount deposited by a person is 9,600. If the interest earned by him is one-twelfth of his total deposit, then (a) the interest he earns. (b) (b) his monthly deposit. (c) the rate of interest. 1 x Total deposit 12 1 = Total interest = 800= [From eq.(0J r=8 .:. Rate of interest is 8 % . l o r Total Amount 24 (c) 250r = 2000 Now, Examiner's Comment No. of months 9600 100 12 I= 250r =7800 Monthly deposit 2 x 9600 12 (b) I= Px "7+1),1 I= 1000x4+)y I tebosltsbabnteos 2 1200 A[Board Specimen Paper, 2024] SoL. (a) Total deposited by a person = 9,600 Interest earned by him = 1200 I= 250r 26000 = 1000 24 + I p 2000 = I Salman earns interest as 2,000. find: rate A Some candidates use incorrect data not matching with the provided one in problem for finding the =7400 correct interest and rate. Pxn(n+1),x 2 1200 400 24>x25 Answering Tip -Xr 2400 Students must use the data provided in question only 800 = 100r and apply the formula for the interest calculation r= 89% carefully. Examiner's Comments Some candidates don't understand the concept of 2. Salman deposits 1200 every month in a recurring deposit account for 2 years. If the rate of interest is 67% recurring deposit account and the interest calculation per annum, find the amount he will receive on maturity. Most of the candidates apply incorrect formula for the interest and are not able to find the monthly deposit amount. U[Board Specimen Paper, 2023] for it. SoL. Monthly deposit =1200, 1n = 30 months, r = 670 Interest = n(n+1) x Pxr 2400 Answering Tip 30(30 + 1)x 1200x 6 2400 Candidates must carefully learn the concept of Recurring deposit accounts and apply the formulas for the interest calculation appropriately. 30 31x1200 x6 2400 4 Marks Questions = 30 X 31 3 1. Salman deposits ? 1,000 every month in a recurring deposit account for 2 years. If he receives maturity, find: (a) the total interest Salman earns. 26,000 on =2790 So, Maturity Value =PXn+I = 1200 x 30 + 2790 =36000 + 2790 =38790 Banking Examiner's Comment 5 Marks Questions Maiority of the candidates were able to solve this question correctly. However, a few had not converted the 2 years to 24 months. Some candidates took 'n' 1. Mr. R.K. Nair gets 6, 455 at the end of 1 year at the rate of 14% per annum in a recurring deposit account. as 12 or 2, while others used the incorrect interest Find the monthly instalment. 2 A& A[Board, 2005] SoL.iie M.V.=6,455 formula. oobnsetl n = 12 monthsoeno sotnkolge r= 14%p . a . e talolst Answering Tip Pxn(n+1) xrasmel M.V. = Pxn+ Always convert years to months for RD calculations. 2x12x100o olosd s i 6,455 = P 12 + Px12x 13 x 14 i.e., 2.5 years = 30 months odlJesioini slesnle lo fet 2400sa 3. Ms. Sona has a recurring deposit account and deposits 750 per month for 2 years. n If shegets 19,125 at the time of maturity, find the rate 6,455 = 6,455 12P SoL. Maturity Value (M.V.) = 19,125 Monthly deposit (P) =*750sslitsoas Time (n) =2 years = 24 months 7n(n+1) M.V. = Pxn+Px 100 e 100 24 25 750r 4 750r 4 100 = P 1291 .. Monthly instalment, P =500 2. Mr. Gupta opened a recurring deposit account in a bank. He deposited 2,500 per month for 2 years. At the time of maturity,he got 67,500. Find : =19125 enoateie -=19125-18000 1291P 6,455 X 100 = 1291P to sxt 6455 x 100 ) 750x 24 +750 xr x 24 x -2400 = 19125 18000 + 6,455 100eogele 1 1200P + 91P A [Board, 2020] of interest. 91P 45009dmyn90 (i) the total interest earned by Mr. Gupta. (1) the rate of interest per annum. AU&A(Board, 2010] SoL. (i) Given,ieas P=2,500 o r= 750 eocpab n = 24 months M.V =T67,500 Total money deposited in 2years = PX n r=6% = 2,500 x 24 =60,000 Rate of interest=6% p.a. Total interest earned by Mr.Gupta = Maturity value - Money deposited 4. 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 = 67,500 60,000 =7,500 (ii) M.V. = P n+ Pxn(n + 1) xr 2x12x100 2500 x 24 x 25 xr the amount Rekha deposited each month. 67,500= 2500x 24+ A&E [Board, 2019] 67,500 = 60000 + 625r 5. Mr. Britto deposits a certain sum of money each 67,500 60,000 = 625r month in arecurring deposit account of a bank. If the rate of interest is of 8% per annum and Mr. Britto gets 7,500 =625renAtsoe 7500 8,088 from the bank after 3 years, find the value of his monthly instalment. (Board, 2013] 2400 =r 625 .:. Rate of interest, r = 12% p.a. COMPETENCY FOGUSED:PRACT TICE CUESTIONS [A] Multiple Choice Questions 1. ?Pis deposited for nnumber of months in a recur ring deposit account which pays interest at the rate of r% per annum. The nature and time of interest calculated is: (a) compound interest for n number of months. (b) simple interest for n number of months. (c) compound interest for one month. (d) simple interest for one month. O These questions are for practice and their solutions are available at the end of the chapter. UACFPOJ [1] Chapterwise &Topicwise, MATHEMATICS, Oswaal ICSE Question Bank The interest () is equal to the monthly deposit (P), so: Pxnx(n+1) xr ANs.Option (d) is correct P= Exe In a recurring deposit account: 1. Interest is generally calculated on simple interest for each monthly deposit. 2. Each deposit earns interest for the remaining period of the tenure. For example, the first deposit earns interest for 1= 2. Anwesha intended to open a Recurring Deposit 1= account of ? 1,000 per month for 1 year in a Bank, paying a 5% per annum rate of simple interest. The bank Anwesha deposit monthly for 1year so that her interest SoL. Option (b) is correct Exr Let the original monthly deposit be nature and time of 1,00, n = 12, and r= 5%. 2400 a maturity amount of A&E[CFPQJ |4] SoL. Given, (a) Let n be the number of monthly installments. We know that, M.V. = Pu+Xnx(n+1) >Xr P'x12x(12 +1) x4 2x12x100 2x12x100 P'x12x13 x4 11,826 = 600 xXn+:600 xn x (n +1) x12 2400 2x12x100 P'x624 t 11,826 = 600x 2400 11,826 = 600 x 11,826 == 3n + 6031 3n + 603)n -11,826 =0 n'+ 20ln 3942= 0 n + 219n-18n -3942= 0 [BJ Short Answer Type Questions 1. A man openeda recurring deposit account in a branch month such that after 2 years,the interest accumulated is equal to his monthly deposits. Find the rate of interest per annum that the bank was paying for the recurring deposit account. A&ECFPQl [2] (n + 219n)-(18n + 3942) = 0 n(n + 219) 18(n+ 219) = 0 (n + 219)(n 18) = 0 n + 219 = 0 SoL. Where: 1=-219 n-18 = 0 P= monthly deposit n=number of months r= annual rate of interest (in %) 3Xnx(7 +1) 1 P= 1250 of PNB. Theman deposits certain amount of money per 600 x nx(2+1) 200 325x 2400 p= 624 I= total interest earned 11,826? Maturity amount (M) = 11,826 r= 4%, such that the interest remainsI=?325. 325 = Calculate the: e 0 Monthly deposit (P) =600 =7325DSimple Interest (r) = 12% p.a. Now, we need to find the new monthly deposit (P) for 325 = 1. Amit deposited 600 per month in a recurring deposit account. The bank pays a simple interest of 12% p.a. Hosd (c) total amount deposited by him. The original interest is325. 325 = 600r 2400 (b) total interest paid by the bank. 2x12x100 780000 2400 2400 (a) number of monthly instalments Amit deposits to get 1000 x 12x(12 +1) x5o 1000 12 x 13 x5 24 25Xr [C] Long Answer Type Questions A& E[CFPQJ [1] I= 2x12x100 The annual rate of interest (r) is 4% per annum. (b) 1,250 (a) 1,000 I= 24 x (24+1) xr r=4 remains the samne? interest = 2x12x 100 1=;4 reduced the rate to 4% per annum. How much must (c) 1,200 nx(n+1) xr 1= formula appied individually to each deposit. 12,325 2x12x100 1= n months,the second deposit for n-1 months and so on. 3. The total interest is calculated based on simple interest (a) Class-10 Since n= 18 1 represents the number of months, it must be positive. Hence: n= 18 Banking (b) Total interest paid by the bank, I= M.V-PXn |= 11,826 600 x 18 = 11,826 10,800=71,026 R=8%; I=52, P= 100 I= PxMn+1), 2 (c) Total amount deposited by Amit = P xn= 600 18 52 = 100x"+1) 2 =10,800 R 1200 8 1200 n(n + 1) =3 x 52 D] Case-based MCQs n+n- 156 =0 1. Joseph has a recurring deposit account in a bank for two years at the rate of Sper annum simple interest. G [Board, 2022] (i) If at the time of maturity Joseph receives 2,000 as n + 13n - 121 -156 =0 n(n + 13) - 12(n + 13) =0 (n + 13)(n - 12) =0 n= 12 months interest then the monthly installment is: (b) ? 600 (d) 1,600 (a) 1,200 (c) 1,000 ANs. Option (c) is correct. Exr Given, r= 8%;I= I= Px n(n +1) 2000 = Px P= 1200 24 x 25 8 2 1200 2000 =Px 12 x 2000 I. Read the following text and answer the following questions on the basis of the same: 2000, n= 24 2 [EJ Case-based Subjective Questions ABC Bank offers recurring deposit accounts to its customers. Mr. Sharma decides to open a recurring deposit account with ABC Bank and deposits 100 every month for a tenure of 3 years. The bank offers an annual interest G (OEB] rate of 8%. 48 \IBankABC =1,000 ii) The total amount deposited in the bank: (a) 25,000 (b) 24,000 (d) (c) 26,000 ANs. Option (b) is correct. ExP Total amount = 23,000 1,000 24 =24,0000.2 (iii)The amount Joseph receives on maturity is: (b) 25,000 (d) ? 28,000 (a) ? 27,000 (c) 26,000 1. Calculate the total deposit amount made by Mr. Sharma over the tenure of the recurring deposit account. SoL. Total deposit amount can be found out as follows: Mr. Sharma deposits ? 100every month for 3 years, which amounts to: Total deposit amount ANs. Option (c) is correct. ExP Maturity amount = P n= 100 x 36 [Since, n =3 years = 36 months] = Total amount + Interest =3,600 =7 24,000 + 2,000 = 26,000 (iV) Assertion (A): If the monthly installment is 100 and the rate of interest is 8% per annum, Joseph will receive 52 as interest in 12 months. Reason (R): The formula for calculating interest in a 2. Determine the total interest earned by Mr. Sharma at the end of the tenure. SoL. The interest earned in a recurring deposit account can be calculated using the formula: I= recurring deposit is: I= Pxnn+ 1) xr 2x1200 (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A). (b) Both Assertion (A)and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). (c) Assertion (A) is true, but Reason (R) is false. (d) Assertion (A) is false, but Reason (R) is true ANs. Option (a) is correct. Ex Both the Assertion and Reason are true, and the 2 Pxnx(n +1) xr 2x 12 x 100 where, I= Interest earned n= Number of instalments (36 in this case) r= Annual interest rate (8%) P= Amount deposited every month ( 100) 100 x 36 x 37 8 2x 12x 100 =3x 37 X 4 = 444 So, the interest earned is 444. 3. Calculate the maturity value of Mr. Sharmas recurring deposit account at the end of the tenure. 1 reason provides the correct explanalion for calculating SoL. The maturity value of a recurring deposit account can the number of months using theformula for interest in a be calculated using the formula: MV = P xn+I recurring deposit. Oswaal ICSE Question Bank Chapterwise &Topicwise, where, MATHEMATICS, Class-10 Putting in the values: MV = Maturity value P= Amount deposited every month ( 100) n= Number of instalments (36 in this case) I= Total interest earned ( 444) MV=100 36 +444 =3,600 + 444 =4,044 Hence, the maturity value is 4,044 Solutions for Practice Questions (0bjective Type) [A]Multiple Choice Questions ANS. 3. Option (d) is correct. Exe MaturityAmount = 25,500 Total deposit = 1000 x 24 = 24,000 Interest =25,500 - 24,000 ANs. 4. Option (c) is correct. Exe P= 200, 1n = 1year = 12 months, r = 10% Pxn(n +1), r I= Interest= = 1,500 2x 12 100 200 x 12x13 x 10 2x 12 x100 =7130 Solutions for Practice Questions (Subjective Type) 4 Marks Questions SoL. 4. Let monthly deposit be X. Interest = Pxn(n+) 2x 12 100 2400inoss = 441 8,088 = 36P + 111P 25 X=7280 SoL. 5. t 8,088 = 36P + 36P 37 x8 2400 2400 40 2400 e 8,088 = 36P+ Px36x37 x8 441 = X 20 x 21 x 63X X36(36 +1) x8 6,088 = Px%+ r=8%ohaas 8,088 = 900P + 111p 25 M.V. =R8,088 P= 8088 x 25 n =3 years 1011 = 36 months P= 25 x8 M.V. = Pxn+ Pxn(n+ 1)xr P =200 2x12x100 ASSESSYOURSELF Reflection S. No. Possesses the Concept 1 Maturity value 2 Number of installments 3 Interest rate Progressing towards the Concept Needs help with the Concept ANSWERS SELF ASSESSMENT PAPER -1(A) (Chapter-1&2) Maximum Time: MM: 30 1Hour Answer the following questions. 1. [3 +3+4] (a) The cost of some financial services are given below, in the same city: Cost of services: ?800, 600, 700, 900. Jfthe rate of GST is 12%, find the amount of GST on above services. firm in (c) A manufacturer manufactures a machine and marks Scan:Me! it at 1,00,000. He sells the machine to a wholesaler (in Lucknow) at a discount of 15%. The wholesaler sells the machine to a dealer (in Aligarh) at a discount of 10% on the marked price. If the rate of GST 28%, find tax paid by the wholesaler to the central government. 3. [3 +3+4] (b) Aperson has a RD account in apost office for3 years (a) Let Ajay, Raj and Rohit be three dealers belonging to at 7.5%per annum. If he gets 80,325 as maturity value. different states. Dealer Ajay sells some products/services Find the monthly installment. to dealer Raj for 5,000 and dealer Raj sells the same (c) Rina has a RD account in a bank anddeposits? 850 per products/services to dealer Rohit at a profit of 1,500. month for 30 months. Find the interest and its maturity value if the rate of interest is 12% per annum. 2. 3+3+4] (a) The maturity value of a RD account is 11,364. If the monthly deposit is? 200 and rate of interest is 9% per annum. Find the time at which the account was kept. (b) Ms. Swati deposits 200 for each month in a RD account. Ifshe gets ? 8,088 from bank after 3 years. Find the rate at which the bank paid the interest. Calculate the tax liability of Raj, if the rate of GST is 12%. (b) Find the time at which account was held. Sum of money: 1,200 per month Maturity value: 12,440 Rate paid by bank: 8% per annum (c) Gita has a RD account in a bank for 36 months and pays ? 200per month at the rate 11% per annum. Find the maturity value.

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