[3 marks sum]

Question 13 Marks

What should be minimum monthly deposit in a recurring deposit for 3 years to get Rs 20,220 on maturity after 3 years at an interest rate of 8% pa.

Answer

Given that Recurring deposit per month = P, Period= 3 years = 36Months, R=8°/o, Maturity amount =Rs 20,220
Money deposited= Monthly value × No of Months = P × 36= Rs 36 P
Total Principal for 1 Month= P x (36)(36+1)/2= Rs 666P
Interest= Principal for One month x RI ( 12 x 100) ..... ( 1)
Putting Values in ( 1 ), we get
20220 - 36P= (666P x 8) / ( 12 x 100)
⇒ 20220-36P=4.44P
⇒ P = 20220/40.44 = Rs 500

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Question 23 Marks

Mr. Pradip deposited Rs 2,400 pm in bank for One year 6 months under the recurring deposit scheme. If the maturity value of his deposit is Rs 47,304 find the rate of interest per annum.

Answer

Given that Recurring deposit per month =Rs 2400, Period= 3 years = 18
Months, R=R % , Maturity value =Rs 47304
Money deposited= Monthly value x No of Months= 2400 x 18=Rs 43,200
⇒ Interest= Maturity Value - Amount deposited
=Rs (47,304- 43,200) =Rs 4,104
Total Principal for 1 Month = 2400 x (18)(18+1)/2= Rs 4,10,400
⇒ 4104 = 410400 x R /1200 ~ R= 12 %

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Question 33 Marks

Given below is a page from the passbook of the savings bank account of Mr. Rajesh. Complete the entries in the passbook and calculate the interest paid to him by the bank at 6°/o pa in the end of June.

Date	Particulars	Withdrawals	Deposits	Balance
08.02.2008	By Cash		12000.00
15.03.2008	To cash	3000.00
08.04.2008	To Cheque	2500.00
18.04.2008	By Cash		16000.00
10.06.2008	By Cash		800.00

Answer

Date	Particulars	Withdrawals	Deposits	Balance
08.02.2008	By Cash		12000.00	12000.00
15.03.2008	To cash	3000.00		9000.00
08.04.2008	To Cheque	2500.00		6500.00
18.04.2008	By Cash		16000.00	22500.00
10.06.2008	By Cash		800.00	30500.00

Months	Minimum balance between 10th day and the last day
Feb.	12000
Mar.	9000
Apr.	6500
May	22500
June	30500

Total Principal at the end of June $=$ R.s 80,500
$
\text { Interest }=\frac{80500 \times 6 \times 1}{100 \times 12}=402.50 \text { (Rs } 4.3 \text { approx.) }
$
Hence, Mr. R.ajesh will get R.s 403/- as interest amount towards the end of June 2008.

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Question 43 Marks

Given below is a page from the passbook of a saving bank account that Mr. Sharma has with SBI. If the bank gives interest at 6%pa, find
The interest she gets at the end of March.

Date	Particulars	Withdrawls	Deposite	Balance
05.01.08	By cash		15500.00	15500.00
10.01.08	To cheque	4800.00		10700.00
15.02.08	To cheque	5300.00		5400.00
08.03.08	By cash		19200.00	24600.00
17.03.08	To cheque		7400.00	32000.00

Answer

The interest she gets at the end of March.

Month	Minimum balance between 10th day and the last day
Jan	10700.00
Feb	5400.00
March	24600.00

Total principal at the end of March $=40700$
$
\text { Interest }=\frac{40700 \times 6 \times 1}{100 \times 12}=203.50
$
Thus, interest= Rs 204

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Mathematics [3 marks sum]

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