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Mathematics MCQ

Banking (Recurring Deposit Account) · ICSE STD 10 (ICSE - English Medium). 33 questions.

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MCQ 11 Mark
Naveen deposits 800 every month in a recurring deposit account for 6 months. If he receives 4884 at the time of maturity, then the interest he earns is:
  • ✓
    84
  • B
    42
  • C
    24
  • D
    284
Answer
Correct option: A.
84
(a)84
Explanation:
Maturity value = 4884
and Deposited value = 800 × 6
= 4800
$\therefore$ Interest earns by him = 4484 - 4800
= 84

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Question 21 Mark
Which of the following is/are correct?
Statement (A): A recurring deposit account is opened with a monthly deposit of 800 for 3 years at an interest rate of 5% per annuam.
Statement (B): The total amount deposited over the 3 years is 28,800.
Statement (C): The final amount received at maturity is exactly 30,000.
Answer
(a) Only A and B are correct
Explanation:
Statement (A) sets the scene and is right.
Given, P = 800, n = 3 years = 36 months, r = 5%
Total amount deposited over the three years
$= 800 \times 36= 28,800$
$\therefore$ Statement (B) is correct.
$I = P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
= $\frac{800 \times 36 \times 37}{24} \times \frac{5}{100}=$ 2,220
Maturity value (MV) = Pn + I
$= 800 \times 36+2220$
= 33240
Statement (C) is incorrect because the total amount at maturity is more than 30,000.
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MCQ 31 Mark
Which of the following is/are correct?
Statement (A): An individual has a recurring deposit account where the interest is compounded quarterly.
Statement (B): If the compounding frequency of the same account changes from quarterly to monthly, the maturity value of the account decreases.
Statement (C): Monthly compounding results in interest being calculated more frequently on a smaller principal amount.
  • A
    Only A and B are correct
  • B
    Only B and C are correct
  • ✓
    Only A and C are correct
  • D
    All A, B and C are correct
Answer
Correct option: C.
Only A and C are correct
(c) Only A and C are correct
Explanation:
Statement (A) and (C) are correct but statement (B) is incorrect because more frequency interest (like monthly) actually increases the total money, not decreases.
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MCQ 41 Mark
Statement (A): If a person deposits 500 every month in a recurring deposit account for a period of 2 years at an annual interest rate of 6%, the maturity value will be more than 12,500.
Statement (B): Recurring deposit interest is compounded quarterly, and the total interest accured over the period adds significantly to the principal amount deposited.
Which of the statement is valid?
  • A
    Only A
  • B
    Only B
  • ✓
    Both A and B
  • D
    Neither A nor B
Answer
Correct option: C.
Both A and B
(c) Both A and B
Explanation:
P = 500, Time (n) = 2 years = 2 × 12 = 24 months
r = 6%
$I = P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}=\frac{500 \times 24 \times 25}{24} \times \frac{6}{100}$
$I=25 \times 30= 750$
Maturity value = Pn + I
$= 500 \times 24+750=12,750$
Hence, compounded quarterly will result in a maturity value greater than 12,500 due to the interest accrued over 2 years.
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MCQ 51 Mark
Statement (A): A person opens a recurring deposit account and deposits 1,000 per month for 12 months. The interest rate offered is 5% per annum.
Statement (B): The maturity value of this account using the formula for a recurring deposit is 12325.
Which of the statement is valid?
  • A
    Only A
  • B
    Only B
  • ✓
    Both A and B
  • D
    Neither A nor B
Answer
Correct option: C.
Both A and B
(c) Both A and B
Explanation:
The total deposits over 12 months are 12,000 (1,000 x 12) with 5% annual interest rate,
$\begin{array}{l} I = P \times \frac{n[n+1]}{2 \times 12} \times \frac{r}{100} \\ I =\frac{1000 \times 12 \times 13}{2 \times 12} \times \frac{5}{100}\end{array}$
$=5 \times 13 \times 5$
I = 325
Maturity value $= P \times n+ I$
= 1,2000 + 325
= 12,325
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MCQ 61 Mark
Mr. Nitin Saxena gets '6,455 at the end of one year at the rate of 14% per annuam in a recurring deposit account, then the monthly instalment is:
  • A
    400
  • ✓
    500
  • C
    600
  • D
    700
Answer
Correct option: B.
500
(b) 500
Explanation:
Let, monthly instalment = P
n = 1 year =12 months
n = 12
$\ldots M . V .= P \times n+ I$
$\begin{array}{l}\Rightarrow M \cdot V _{ L }= P \times n+\frac{ P \times n \times(n-1)}{2 \times 12} \times \frac{r}{100} \\ \Rightarrow 6,455=12 P +\frac{ P \times 12 \times 13}{2 \times 12} \times \frac{14}{100} \\ \Rightarrow 6,455=12 P +\frac{13 P \times 7}{100} \\ \Rightarrow 6,45,500=1200 P +91 P \\ \Rightarrow 1291 P =645500\end{array}$
$\Rightarrow P=\frac{645500}{1291}=$ 500
So, the monthly statement is 500 .
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MCQ 71 Mark
Sejal has a recurring deposit account in a bank and deposits 100 per month for 20 months, then the rate of interest paid by the bank if the maturity value of account is 2,175 is:
  • ✓
    10%
  • B
    9%
  • C
    8%
  • D
    7%
Answer
Correct option: A.
10%
(a)10%
Explanation:
Interest $=\frac{ P _{\times n \times(n+1)}}{2 \times 12} \times \frac{r}{100}$
$=\frac{100 \times 20 \times 21}{2 \times 12} \times \frac{r}{100}$
= 17.5 г
$M . V .= P \times n+ I$
2,175=100 x 20 +17.5r
$17.5 r=2,175-2,000 \Rightarrow 17.5 r=175$
$\Rightarrow r=\frac{175}{175}=10$
So, the rate of interest is $10 \%$.
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MCQ 81 Mark
Miss Shalini deposited 300 per month in a bank for 1 year and 9 months under the recurring deposit scheme. If the maturity value of her deposits is '6,819.75 then the rate of interest per annum will be:
  • A
    7%
  • B
    8%
  • ✓
    9%
  • D
    10%
Answer
Correct option: C.
9%
(c) 9%
Explanation:
$\begin{array}{l} M . V .= P \times n+ I \\ M . V .= P \times n+\frac{ P \times n \times(n+1)}{2 \times 12} \times \frac{r}{100} \\ \frac{ P \times n \times(n+1)}{2 \times 12} \times \frac{r}{100}= M . V .- P \times n \\ \frac{300 \times 21 \times 22}{2 \times 12} \times \frac{r}{100}=6819.75-300 \times 21 \\ r=9 \%\end{array}$
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MCQ 91 Mark
Mrs. Preeti Sharma deposited 400 every month in a recurring deposit account for 3 years. If the bank pays interest at the rate of 8% per annum, then the amount the gets on maturity is:
  • A
    15,854
  • ✓
    15,954
  • C
    16,000
  • D
    16,500
Answer
Correct option: B.
15,954
(b)15,954
Explanation:
Deposit (P) = 400 per month
Period (n) = 3 years = 36 months
Rate (r) = 8% p.a
$\therefore$ Interest $=\frac{ P \times n \times(n+1)}{2 \times 12} \times \frac{r}{100}$
$=\frac{400 \times 36 \times 37 \times 7}{2 \times 12 \times 100}={ }^{-} 1,554$
M.V. $= P \times n+ I$ = 400×36+1,554=14,400+1,554=15,954
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MCQ 101 Mark
Mr. Jitendra Singh deposit 850 per month for one year in a bank's recuring deposit account. If the rate of (simple) interest is 7% per annum then the interest earned by him on this account is:
  • A
    384.75
  • B
    385.75
  • ✓
    386.75
  • D
    388.75
Answer
Correct option: C.
386.75
(c)386.75
Explanation:
Deposit per month (P) = 850
Period (n) = 1 year = 12 months
Rate (r) = 7% p.a
$\therefore$ Interest $=\frac{P \times n \times(n \times 1)}{2 \times 12} \times \frac{r}{100}$
$=\frac{850 \times 12 \times 13}{2 \times 12} \times \frac{7}{100}$
= 386.75
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MCQ 111 Mark
1. The interest on the recurring deposit account can be calculated by using formula:
$I=\frac{n(n+1)}{2 \times 12} \times P \times \frac{r}{100}$
where I is the interest, P is the money deposited per month, n is the number of months for which the money has been deposited and r is the rate of interest per annum.
2. The Maturity value on a recurring deposit
$MV=P \times n^2+P \times n+I$
where, MV = Maturity value, $P =$ money deposited per month, $n=$ number of months, $I =$ interest
  • ✓
    1 is true, 2 is false
  • B
    1 is false, 2 is true
  • C
    Both 1 and 2 are false
  • D
    Both 1 and 2 are true
Answer
Correct option: A.
1 is true, 2 is false
(a) 1 is true, 2 is false
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MCQ 121 Mark
Mr. Raj gets 7,688 at the end of one year at the rate of 12% per annum in a recurring deposit account the monthly instalment is:
  • A
    500
  • ✓
    600
  • C
    700
  • D
    800
Answer
Correct option: B.
600
(b) 600
Explanation:
$\begin{array}{l} MV = P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100} \\ \Rightarrow 7,668= P \left(12+\frac{12 \times(12+1)}{2 \times 12} \times \frac{12}{100}\right)\end{array}$
$\begin{array}{l}\Rightarrow 7,668= p \left(12-\frac{78}{100}\right) \\ \Rightarrow 7,668= p \left(\frac{1,278}{100}\right) \\ \Rightarrow P =600\end{array}$
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MCQ 131 Mark
Rekha opened a R.D. account in PNB Bank for 20 months. If the rate of interest is 9% per annum and received 441 as interest at the end of maturity, then the monthly instalment is:
  • ✓
    280
  • B
    250
  • C
    200
  • D
    320
Answer
Correct option: A.
280
(a) 280
Explanation:
We have,
n= 20 months, r = 9% p.a., I = 441
We know,
Interest $( I )= P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$\begin{array}{l}\Rightarrow 441=P \times \frac{20 \times 21}{24} \times \frac{9}{100} \\ \Rightarrow 441=\frac{63 P }{40} \\ \Rightarrow P =\frac{41 \times 40}{63} \\ =280\end{array}$
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MCQ 141 Mark
Mr. Singh opened a R.D. account for 2 years and deposited 2,500 per month. At the time of maturity, he got 67,500. The total interest earned by him during this period is:
  • A
    8,500
  • B
    8,000
  • C
    7,000
  • ✓
    7,500
Answer
Correct option: D.
7,500
(d)7,500
Explanation:
We have,
n = 2 years = 24 months, P = 2,500, M.V. 67,500
We know,
M.V. $= P \times n+$ Interest
$\begin{array}{l}\Rightarrow \text { Interest }=\text { M.V. }- P \times n \\ =67,500-2,500 \times 24 \\ =67,500-60,000 \\ =7,500 .\end{array}$
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MCQ 151 Mark
Nisha has a R.D. account in which she deposit 600 per month for 4 years. If she gets 5,880 as interest at the time of maturity, then the rate of interest is per annum.
  • ✓
    10%
  • B
    9%
  • C
    8%
  • D
    6%
Answer
Correct option: A.
10%
(a)10%
Explanation:
We have,
P=600, n = 4 vears = 48 months, I = 5,880
We know,
Interest $( I )= P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$\begin{array}{l}\Rightarrow 5,880=600 \times \frac{48 \times 49}{24} \times \frac{r}{100} \\ \Rightarrow 5,880=588 r \\ \Rightarrow r=10\end{array}$
$\therefore$ The rate of interest is $10 \%$ p.a.
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MCQ 161 Mark
Mr. Gujral has a four year cumulative time deposit account in ICICI Bank and deposits 650 per month. If he receives 36,296 at the time of maturity, then the rate of interest is per annum.
  • A
    11%
  • ✓
    8%
  • C
    9%
  • D
    10%
Answer
Correct option: B.
8%
(b) 8%
Explanation:
We have,
n = 4 years = 48 months, P = 650, M.V. = 36,296
We know,
M.V. $= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$\begin{array}{l}\Rightarrow 36,296=650 \times 48+650 \times \frac{48 \times 49}{24} \times \frac{r}{100} \\ \Rightarrow 36,296-31,200=637 r \\ \Rightarrow r=\frac{5096}{637}=8\end{array}$
$\therefore$ The rate of interest is $8 \%$ p.a.

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MCQ 171 Mark
Shekhar has a R.D. account in a bank. He deposits 800 per month and gets 798 as interest. If the rate of interest is 7% per annum, then the total time for which the account was held, is:
  • A
    8 months
  • B
    1 year
  • ✓
    $1 \frac{1}{2}$ years
  • D
    $1 \frac{3}{4}$ years
Answer
Correct option: C.
$1 \frac{1}{2}$ years
(c) $1 \frac{1}{2}$ years
Explanation:
We have,
P = 800, I=798, r = 7% p.a.
We know,
Interest $( I )= P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$\Rightarrow 798=800 \times \frac{n(n+1)}{24} \times \frac{7}{100}$
$\begin{array}{l}\Rightarrow 2,394=7\left(n^2+n\right) \\ \Rightarrow 7 n^2+7 n-2,394=0 \\ \Rightarrow 7\left(n^2+n-342\right)=0 \\ \Rightarrow n^2+n-342=0 \\ \Rightarrow n^2+19 n-18 n-342=0 \\ \Rightarrow n(n+19)-18(n+19)=0 \\ \Rightarrow(n+19)(n-18)=0 \\ \Rightarrow n=18,-19\end{array}$
Since, time cannot be negative.
$\therefore n=18$ months $=1 \frac{1}{2}$ years.
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MCQ 181 Mark
Katrina opened a R.D. account with a Nationalised bank for a period of two years. If the bank pays interest at the rate of 6% per annum and the monthly instalment is 1,000, then the interest earned in one year is:
  • A
    360
  • ✓
    390
  • C
    450
  • D
    500
Answer
Correct option: B.
390
(b)390
Explanation:
We have,
n = 2 years = 24 months, r = 6% p.a.,P = 1,000
To find interest earned in one year,
we use
n = 1 year = 12 months
Now, Interest $( I )= P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$=1,000 \times \frac{12 \times 13}{24} \times \frac{6}{100}$
= 390
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MCQ 191 Mark
Shahrukh opened a R.D. account in a bank and deposited 800 per month for $1 \frac{1}{2}$ years. If hereceived 15,084 at the time 2 of maturity, then the rate of interest per annum is:
  • ✓
    6%
  • B
    6.5%
  • C
    7%
  • D
    7.5%
Answer
Correct option: A.
6%
(a)6%
Explanation:
We have,
P = $800, n=1 \frac{1}{2}$ years $=18$ months, M.V. $=$ 15,084
We know,
M.V. $= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$\begin{array}{l}\Rightarrow 15,084=800 \times 18+800 \times \frac{18 \times 19}{24} \times \frac{r}{100} \\ \Rightarrow 15,084=14,400+114 r \\ \Rightarrow 684=114 r \\ \Rightarrow r=6\end{array}$
$\therefore$ The rate of interest is $6 \%$ p.a.
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MCQ 201 Mark
The matured value of a R.D. account is 16,176. If the monthly instalment is 400 and the rate of interest is 8% p.a., then the time period of this R.D. account is:
  • A
    1 year
  • B
    2 years
  • ✓
    3 years
  • D
    4 years
Answer
Correct option: C.
3 years
(c)3 years
Explanation:
We have,
M.V. = 16,176, P=400, r = 8% p.a.
We know,
$M . V .= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$\begin{array}{l}\Rightarrow 16,176=400 \times n+400 \times \frac{n(n+1)}{24} \times \frac{8}{100} \\ \Rightarrow 16,176=400 n+\frac{4\left(n^2+n\right)}{3} \\ \Rightarrow 48,528=1,200 n+4 n^2+4 n \\ \Rightarrow 4 n^2+1,204 n-48,528=0 \\ \Rightarrow n^2+301 n-12,132=0 \\ \Rightarrow(n+337)(n-36)=0 \\ \Rightarrow n=-337,36\end{array}$
Since, time cannot be negative.
$\therefore n=36$ months $=3$ vears.
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MCQ 211 Mark
Reeta deposited 350 per month in a R.D. account for $1 \frac{1}{4}$ years. If the matured value ofthis account is 5,565then the interest received is:
  • A
    385
  • B
    485
  • C
    350
  • ✓
    315
Answer
Correct option: D.
315
(d)315
Explanation:
We have,
$P={ }350, n=1 \frac{1}{4}$ years = 15 months,M.V. = 5,565
Interest received $= M . V .- P \times n$
$\begin{array}{l}=5,565-350 \times 15 \\ =5,565-5,250\end{array}$
= 315.
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MCQ 221 Mark
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, then the rate of interest per annum is:
  • ✓
    7%
  • B
    7.5%
  • C
    8%
  • D
    8.4%
Answer
Correct option: A.
7%
(a)7%
Explanation:
We have,
P=300, n = 2 years = 24 months, M.V. = 7,725
We know,
M.V. $= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$\begin{array}{l}\Rightarrow 7,725=300 \times 24+300 \times \frac{24 \times 25}{24} \times \frac{r}{100} \\ \Rightarrow 7,725=7,200+75 r \\ \Rightarrow 525=75 r \\ \Rightarrow r=7\end{array}$
$\therefore$ The rate of interest is $7 \%$ p.a.
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MCQ 231 Mark
Sneha deposited 600 per month in a R.D. account. If the matured value of this account was 24,930 and the rate of interest was 10% per annum, then the time for which the account was held is:
  • A
    2 years
  • ✓
    3 years
  • C
    4 years
  • D
    1 year
Answer
Correct option: B.
3 years
(b)3 years
Explanation:
We have,
P = 600, M.V. = 24,930, r = 10% p.a.
We know,
M.V. $= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$\begin{array}{l}\Rightarrow 24,930=600 \times n+600 \times \frac{\left(n^2+n\right)}{24} \times \frac{10}{100} \\ \Rightarrow 24,930=600 n+2 \cdot 5\left(n^2+n\right) \\ \Rightarrow 2 \cdot 5 n^2+602 \cdot 5 n-24,930=0 \\ \Rightarrow n^2+241 n-9,972=0 \\ \Rightarrow n^2+277 n-36 n-9972=0 \\ \Rightarrow n(n+277)-36(n+277)=0 \\ \Rightarrow(n-36)(n+277)=0 \\ \Rightarrow n=36,-277\end{array}$
Since, time cannot be negative.
$\therefore n=36$ months $=3$ years.
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MCQ 241 Mark
A bank offered a scheme of investing x per month for 2 years. If the rate of interest offered by the bank is 10% p.a. and the total interest received will be 1,900, then the value of x is:
  • A
    700
  • B
    750
  • ✓
    760
  • D
    800
Answer
Correct option: C.
760
(c)760
Explanation:
We have,
P=x, n = 2 years = 24 months, r = 10% and I = 1,900 We know,
$I = P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$\begin{array}{l}\Rightarrow 1,900=x \times \frac{24 \times 25}{24} \times \frac{10}{100} \\ \Rightarrow 1,900=2.5 x\end{array}$
$\Rightarrow x=$ 760
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MCQ 251 Mark
Reshma deposited some money per month for $1 \frac{1}{2}$ years at 9% per annum in some finance company. If she gets 15,426 at the time of maturity, then the amount invested by her per month is:
  • ✓
    800
  • B
    900
  • C
    1,000
  • D
    1,100
Answer
Correct option: A.
800
(a)800
Explanation:
$n=1 \frac{1}{2}$ years $=18$ months, $r=9 \%$ p.a., M.V. $=$15,426
We know,
M.V. $= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$\begin{array}{l}\Rightarrow 15,426= P \times 18+ P \times \frac{18 \times 19}{24} \times \frac{9}{100} \\ \Rightarrow 15,426=18 P +1 \cdot 2825 P \\ \Rightarrow 15,426=19.2825 P \end{array}$
$\Rightarrow P =\frac{15426}{192825}=$800
$\therefore$ The amount invested per month is 800 .
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MCQ 261 Mark
Kishan deposited 360 per month in a cumulative time deposit account with PNB for 2 years. If the rate of interest is 7% per annum, then the amount he get at the time of maturity is:
  • A
    2,790
  • B
    9,720
  • ✓
    9,270
  • D
    7,290
Answer
Correct option: C.
9,270
(c)9,270
Explanation:
We have
P=360, n = 2 years = 24 months, r = 7% p.a.
Amount at the time of maturity
$= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$=360 \times 24+360 \times \frac{24 \times 25}{24} \times \frac{7}{100}$
= 8640+630
= 9,270
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MCQ 271 Mark
Mohan deposits 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.
  • A
    6,118.50
  • B
    6,818.20
  • ✓
    6,811.20
  • D
    6,818.50
Answer
Correct option: C.
6,811.20
(c)6,811.20
Explanation:
We have,
P = 80, n = 6 years = 72 months, r = 6% p.a.
Amount payable to him
= Maturity value
$= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$=80 \times 72+80 \times \frac{72 \times 73}{24} \times \frac{6}{100}$
= 5,760+1,051.20
= 6,811.20
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MCQ 281 Mark
Seema deposited 100 per month for 24 months in bank's recurring deposit account. If the bank pays an interest of 10% p.a., then the amount she gets on maturity is:
  • A
    1,490
  • B
    1,940
  • C
    2,065
  • ✓
    2,650
Answer
Correct option: D.
2,650
(d)2,650
Explanation:
We have,
P=100, n = 24, $\gamma$ = 10% p.a. Amount received on maturity
$= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$=100 \times 24+100 \times \frac{24 \times 25}{24} \times \frac{10}{100}$
= 2,400+250 = 2,650.
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MCQ 291 Mark
Simran had a recurring deposit account in a bank and deposited 500 per month for $2 \frac{1}{2}$ years. If the rate of interest was 10% p.a., then the matured value of this account is:
  • A
    16,397.50
  • ✓
    16,937.50
  • C
    16,793.50
  • D
    16,973.50
Answer
Correct option: B.
16,937.50
(b)16,937.50
Explanation:
We have
P = $500, n=2 \frac{1}{2}$ years $=30$ months, $r=10 \%$ p.a.
$\therefore$ Matured value $= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$=500 \times 30+500 \times \frac{30 \times 31}{24} \times \frac{10}{100}$
= 15,000 + 1,937.50
= 16,937.50
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MCQ 301 Mark
Satyam deposited 200 per month in a recurring deposit account for 18 months. If the rate of interest is 9% per annum, then the interest earned by him during this period is:
  • A
    3,85650
  • B
    3,343.50
  • C
    330
  • ✓
    256.50
Answer
Correct option: D.
256.50
(d)256.50
Explanation:
We have,
P = 200, n = 18 months, $\gamma$ = 9% p.a.
$\therefore$ Interest earned $= P \times \frac{n(n+1)}{2 \times 12} \times \frac{\tau}{100}$
= $200 \times \frac{18 \times 19}{24} \times \frac{9}{100}$
= 256.50
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MCQ 311 Mark
Reeta deposited 80 per month in a cumulative deposit account for 5 years. If the bank pays interest at a rate of 6% per annum, find the amount payable to her at the time of maturity.
  • A
    5,325
  • ✓
    5,532
  • C
    5,235
  • D
    5,352
Answer
Correct option: B.
5,532
(b)5,532
Explanation:
We have,
P=80, n = 5 years = 60 months, $\gamma$ = 6% p.a.
Amount payable to her
= Maturity value
$= P \times n+ P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$=80 \times 60+80 \times \frac{60 \times 61}{24} \times \frac{6}{10}$
= 4,800+732 = 5,532
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MCQ 321 Mark
Ruhi deposited 200 per month for 15 months in a bank's recurring deposit account. If the bank pays interest at a rate of 10% per annum, then the interest earned by Ruhi during this period is:
  • A
    300
  • B
    250
  • ✓
    200
  • D
    150
Answer
Correct option: C.
200
(c)200
Explanation:
We have,
P=200, n = 15 months, $\gamma$ = 10% p.a
$\therefore$ Interest earned $( I )= P \times \frac{n(n+1)}{2 \times 12} \times \frac{r}{100}$
$=200 \times \frac{15 \times 16}{24} \times \frac{10}{100}$
= 200
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MCQ 331 Mark
Deepali deposited 100 per month for 12 months in a bank's recurring deposit account. If the bank pays interest at a rate of 9% per annum, then the total amount deposited by Deepali during this period is:
  • ✓
    1200
  • B
    2400
  • C
    1500
  • D
    1800
Answer
Correct option: A.
1200
(a)1,200
Explanation:
P=100, n = 12 months, $\gamma$ = 9% p.a.
$\therefore$ Total amount deposited $= P \times n=100 \times 12$
= 1,200
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MCQ - Mathematics STD 10 Questions - Vidyadip