## Selina Concise Mathematics Class 10 ICSE Solutions Banking (Recurring Deposit Accounts)

APlusTopper.com provides step by step solutions for Selina Concise ICSE Solutions for Class 10 Mathematics Chapter 2 Banking (Recurring Deposit Accounts). You can download the Selina Concise Mathematics ICSE Solutions for Class 10 with Free PDF download option. Selina Publishers Concise Mathematics for Class 10 ICSE Solutions all questions are solved and explained by expert mathematic teachers as per ICSE board guidelines.

Download Formulae Handbook For ICSE Class 9 and 10

ICSE SolutionsSelina ICSE Solutions

**Selina ICSE Solutions for Class 10 Maths Chapter 2 Banking (Recurring Deposit Accounts)**

**Exercise 2(A)**

**Question 1.**

Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits ₹ 600 per month for 20 months. Calculate the maturity value of this account, if the bank pays interest at the rate of 10% per annum.

**Solution:**

Installment per month(P) = ₹ 600

Number of months(n) = 20

Rate of interest(r) = 10% p.a.

The amount that Manish will get at the time of maturity

= ₹ (600×20) + ₹ 1,050

= ₹ 12,000 + ₹ 1,050

= ₹ 13,050

**Question 2.**

Mrs. Mathew opened a Recurring Deposit Account in a certain bank and deposited ₹ 640 per month for 4 ½ years. Find the maturity value of this account, if the bank pays interest at the rate of 12% per year.

**Solution:**

Installment per month(P) = ₹ 640

Number of months(n) = 54

Rate of interest(r)= 12% p.a.

The amount that Manish will get at the time of maturity

= ₹ (640×54)+ ₹ 9,504

= ₹ 34,560 + ₹ 9,504

= ₹ 44,064

**Question 3.**

Each of A and B both opened recurring deposit accounts in a bank. If A deposited ₹ 1,200 per month for 3 years and B deposited ₹ 1,500 per month for 2 ½ years; find, on maturity, who will get more amount and by how much? The rate of interest paid by the bank is 10% per annum.

**Solution:**

For A

Installment per month(P) = ₹ 1,200

Number of months(n) = 36

Rate of interest(r) = 10% p.a.

The amount that A will get at the time of maturity

= ₹ (1,200×36) + ₹ 6,660

= ₹ 43,200 + ₹ 6,660

= ₹ 49,860

For B

Instalment per month(P) = ₹ 1,500

Number of months(n) = 30

Rate of interest(r) = 10% p.a.

The amount that B will get at the time of maturity

= ₹ (1,500×30) + ₹ 5,812.50

= ₹ 45,000 + ₹ 5,812.50

= ₹ 50,812.50

Difference between both amounts = ₹ 50,812.50 – ₹ 49,860

= ₹ 952.50

Then B will get more money than A by ₹ 952.50.

**Question 4.**

Ashish deposits a certain sum of money every month is a Recurring Deposit Account for a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets ₹ 12,715 as the maturity value of this account, what sum of money did money did he pay every month?

**Solution:**

Let Installment per month(P) = ₹ y

Number of months(n) = 12

Rate of interest(r) = 11% p.a.

Maturity value = ₹ (y × 12) + ₹ 0.715y = ₹ 12.715y

Given maturity value = ₹ 12,715

Then ₹ 12.715y = ₹ 12,715

**Question 5.**

A man has a Recurring Deposit Account in a bank for 3 ½ years. If the rate of interest is 12% per annum and the man gets ₹ 10,206 on maturity, find the value of monthly instalments.

**Solution:**

Let Installment per month(P) = ₹ y

Number of months(n) = 42

Rate of interest(r) = 12% p.a.

Maturity value= ₹ (y × 42) + ₹ 9.03y= ₹ 51.03y

Given maturity value = ₹ 10,206

Then ₹ 51.03y = ₹ 10206

**Question 6.**

(i) Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits ₹ 140 per month for 4 years. If he gets ₹ 8,092 on maturity, find the rate of interest given by the bank.

(ii) David 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.

**Solution:**

(a)

Installment per month(P) = ₹ 140

Number of months(n) = 48

Let rate of interest(r) = r% p.a.

Maturity value= ₹ (140 × 48) + ₹ (137.20)r

Given maturity value = ₹ 8,092

Then ₹ (140 × 48) + ₹ (137.20)r = ₹ 8,092

⇒ 137.20r = ₹ 8,092 – ₹ 6,720

(b)

Instalment per month(P) = ₹ 300

Number of months(n) = 24

Let rate of interest(r)= r% p.a.

Maturity value = ₹ (300 × 24) + ₹ (75)r

Given maturity value = ₹ 7,725

Then ₹ (300 × 24) + ₹ (75)r = ₹ 7,725

⇒ 75 r = ₹ 7,725 – ₹ 7,200

**Question 7.**

Amit deposited ₹ 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 interest is calculated at the end of every month?

**Solution:**

Installment per month(P) = ₹ 150

Number of months(n) = 8

Rate of interest(r) = 8% p.a.

The amount that Manish will get at the time of maturity

= ₹ (150 × 8) + ₹ 36

= ₹ 1,200 + ₹ 36

= ₹ 1,236

**Question 8.**

Mrs. Geeta deposited ₹ 350 per month in a bank for 1 year and 3 months under the Recurring Deposit Scheme. If the maturity value of her deposits is ₹ 5,565; find the rate of interest per annum.

**Solution:**

Installment per month(P) = ₹ 350

Number of months(n) = 15

Let rate of interest(r)= r% p.a.

Maturity value= ₹ (350 × 15) + ₹ (35)r

Given maturity value = ₹ 5,565

Then ₹ (350 × 15) + ₹ (35)r = ₹ 5,565

⇒ 35r = ₹ 5,565 – ₹ 5,250

**Question 9.**

A recurring deposit account of ₹ 1,200 per month has a maturity value of ₹ 12,440. If the rate of interest is 8% and the interest is calculated at the end of every month; find the time (in months) of this Recurring Deposit Account.

**Solution:**

Installment per month(P) = ₹ 1,200

Number of months(n) = n

Let rate of interest(r) = 8% p.a.

Maturity value = ₹ (1,200 × n) + ₹ 4n(n+1) = ₹ (1200n+4n^{2}+4n)

Given maturity value= ₹ 12,440

Then 1200n+4n^{2}+4n = 12,440

Then number of months = 10

**Question 10.**

Mr. Gulati has a Recurring Deposit Account of ₹ 300 per month. If the rate of interest is 12% and the maturity value of this account is ₹ 8,100; find the time (in years) of this Recurring Deposit Account.

**Solution:**

Installment per month(P) = ₹ 300

Number of months(n) = n

Let rate of interest(r)= 12% p.a.

Maturity value= ₹ (300 × n)+ ₹ 1.5n(n+1)

= ₹ (300n+1.5n^{2}+1.5n)

Given maturity value= ₹ 8,100

Then 300n+1.5n^{2}+1.5n = 8,100

Then time = 2 years.

**Question 11.**

Mr. Gupta opened a recurring deposit account in a bank. He deposited ₹ 2,500 per month for two years. At the time of maturity he got ₹ 67,500. Find:

(i) the total interest earned by Mr. Gupta

(ii) the rate of interest per annum.

**Solution:**

(i)

Maturity value = ₹ 67,500

Money deposited = ₹ 2,500 × 24= ₹ 60,000

Then total interest earned = ₹ 67,500 – ₹ 60,000 = ₹ 7,500 Ans.

(ii)

Installment per month(P) = ₹ 2,500

Number of months(n) = 24

Let rate of interest(r)= r% p.a.

**Exercise 2(B)**

**Question 1.**

Pramod deposits ₹ 600 per month in a Recurring Deposit Account for 4 years. If the rate of interest is 8% per year; calculate the maturity value of his account.

**Solution:**

Installment per month(P) = ₹ 600

Number of months(n) = 48

Rate of interest(r)= 8% p.a.

The amount that Manish will get at the time of maturity

= ₹ (600 × 48) + ₹ 4,704

= ₹ 28,800 + ₹ 4,704

= ₹ 33,504

**Question 2.**

Ritu has a Recurring Deposit Account in a bank and deposits ₹ 80 per month for 18 months. Find the rate of interest paid by the bank if the maturity value of account is ₹ 1,554.

**Solution:**

Installment per month(P) = ₹ 80

Number of months(n) = 18

Let rate of interest(r) = r% p.a.

Maturity value = ₹ (80 × 18) + ₹ (11.4r)

Given maturity value = ₹ 1,554

Then ₹ (80 × 18 ) + ₹ (11.4r) = ₹ 1,554

⇒ 11.4r = ₹ 1,554 – ₹ 1,440

**Question 3.**

The maturity value of a R.D. Account is ₹ 16,176. If the monthly installment is ₹ 400 and the rate of interest is 8%; find the time (period) of this R.D Account.

**Solution:**

Installment per month(P) = ₹ 400

Number of months(n) = n

Let rate of interest(r)= 8% p.a.

⇒ 1200n +4n^{2}+4n= ₹ 48,528

⇒ 4n^{2}+1204n = ₹ 48,528

⇒ n^{2}+301n – 12132= 0

⇒ (n+337)(n-36)=0

⇒ n = -337 or n=36

Then number of months = 36 months = 3 years

**Question 4.**

Mr. Bajaj needs ₹ 30,000 after 2 years. What least money (in multiple of 5) must he deposit every month in a recurring deposit account to get required money after 2 years, the rate of interest being 8% p.a.?

**Solution:**

Let installment per month = ₹ P

Number of months(n) = 24

Rate of interest = 8% p.a.

Maturity value = ₹ (P × 24)+ ₹ 2P = ₹ 26P

Given maturity value = ₹ 30,000

**Question 5.**

Rishabh has recurring deposit account in a post office for 3 years at 8% p.a. simple interest. If he gets ₹ 9,990 as interest at the time of maturity, find:

(i) The monthly installment.

(ii) The amount of maturity.

**Solution:**

Let Installment per month = ₹ P

Number of months(n) = 36

Rate of interest(r)= 8% p.a.

Given interest = ₹ 9,990

(ii) Maturity value = ₹ (2,250 × 36) + ₹ 9,990 = ₹ 90,990

**Question 6.**

Gopal has a cumulative deposit account and deposits ₹ 900 per month for a period of 4 years he gets ₹ 52,020 at the time of maturity, find the rate of interest.

**Solution:**

Installment per month(P) = ₹ 900

Number of months(n) = 48

Let rate of interest(r)= r% p.a.

Maturity value= ₹ (900 × 48) + ₹ (882)r

Given maturity value = ₹ 52,020

Then ₹ (900 × 48) + ₹ (882)r = ₹ 52,020

⇒ 882r = ₹ 52,020 – ₹ 43,200

**Question 7.**

Deepa has a 4-year recurring deposit account in a bank and deposits ₹ 1,800 per month. If she gets ₹ 1,08,450 at the time of maturity, find the rate of interest.

**Solution:**

Installment per month(P) = ₹ 1,800

Number of months(n) = 48

Let rate of interest(r)= r% p.a.

Maturity value = ₹ (1,800 x 48) + ₹ (1,764)r

Given maturity value = ₹ 1,08,450

Then ₹ (1,800 x 48) + ₹ (1764)r = ₹ 1,08,450

⇒ 1764r = ₹ 1,08,450 – ₹ 86,400

**Question 8.**

Mr. Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. If the rate of interest is of 8% per annum and Mr. Britto gets Rs. 8,088 from the bank after 3 years, find the value of his monthly instalment.

**Solution:**

**Question 9.**

**Solution:**

**Question 10.**

Peter has a recurring deposit account in Punjab National Bank at Sadar Bazar, Delhi for 4 years at 10% p.a. He will get ₹ 6,370 as interest on maturity. Find :

(i) monthlyinstallment,

(ii) the maturity value of the account.

**Solution:**

**Question 11.**

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 installment is ₹ 1,000, find the :

(i) interest earned in 2 years

(ii) maturity value

**Solution:**

**More Resources for Selina Concise Class 10 ICSE Solutions**

ilyas says

concise mathematics class 10 icse pdf free download. All solution are accurate I’ll be using this site only for any problem I have

kirat says

solution of concise mathematics class 10 Fabulous website

Aman kasat says

selina publishers concise mathematics for class 10 guide Helpful

Harsh pandey says

concise mathematics class 10 icse 2018 solutions pdf thanks more helpful

Arpit Sharma says

selina publishers concise mathematics for class 10 solutions pdf All OK

But 1(one) problem only

Which is some questions are not in this website…….

Naman says

banking questions for class 10 icse was really helpful and knowledgeful

sarvjot dhaliwal says

banking chapter of class 10 icse. Endless site every questions are there

Roushan shahu says

Thank u for helping me

Vidyashree says

Thank you I am getting very easy…..

Aditya says

Sanjeev deposit rs 2000 every month in a recurring deposit account for 3 year at 10℅ simple interest per annum. What will be the equivalent principal for one month

Jyothi ch says

Aplus topper one of the icse self help website is fantastic and fabulous and articles in this website is helpful

LiKhitha says

Last two sums must be changed these questions are from old book not from new book

Asmit says

It’s good but some sums are not given here

Prajwal says

Very good app but change last three questions it is old version . Really I am going easy by this!!

Teja says

This is very helpful

Teja says

Wow superb

Shanthi says

Having a double 2A 3 sum how we got 30 months in B