Banking MCQs Class 10 RS Aggarwal Goyal Brothers Prakashan ICSE Foundation Maths Solutions Ch-2. Step by step solutions of Banking MCQs questions as latest prescribe guideline for upcoming exam. Visit official Website CISCE for detail information about ICSE Board Class-10
Banking MCQs Class 10 RS Aggarwal Goyal Brothers Prakashan ICSE Foundation Maths Solutions Ch-2
| oard | ICSE |
| Publications | Goyal Brothers Prakashan |
| Subject | Maths |
| Class | 10th |
| Chapter-2 | Banking |
| Writer | RS Aggarwal |
| Book Name | Foundation |
| Topics | Solution of Banking MCQs |
| Edition | 2024-2025 |
Page- 20,21
Multiple Choice Questions :
Banking MCQs Class 10 RS Aggarwal Goyal Brothers Prakashan ICSE Foundation Maths Solutions Ch-2
Que-1: A recurring deposit is also known as :
(a) maturity deposit (b) cumulative time deposit (c) regular saving deposit (d) investment fund deposit
Solution- (b) cumulative time deposit
Que-2: In a recurring deposit (R.D.) :
(a) a person gets the same interest every month
(b) a person gets the same maturity amount every year
(c) a person deposits the same amount every year
(d) the government deposits an amount equal to the interest every year
Solution- (c) a person deposits the same amount every year
Que-3: In a recurring deposit, the maturity value is given by : (a) (Pxn) + I (b) P x n x I (c) [PxnxI]/100 (d) [(Pxn) + I]/100
Solution- (a) (Pxn) + I
Que-4: If Ramesh Kumar has an R.D. in a post office, he has to deposit : (a) an amount only once (b) the same amount every month (c) a decreasing amount every month (d) an increasing amount every month
Solution- (b) the same amount every month
Que-5: In an R.D., the maturity value is the sum of the total amount deposited and the interest. If P is the same amount deposited every month for n months and R is the rate of interest, then Interest I is equal to :
(a) P x (n/12) x (R/100) (b) [P x n(n+1)]/12 x (R/100) (c) [P x n(n+1)] / (2×12) x R/100 (d) [P x n]/(2×12) x (R/100)
Solution- (c) [P x n(n+1)]/(2×12) x R/100
Que-6: Mohit opened a recurring deposit account in a bank for 2 years. He deposited Rs1000 every month and receives Rs25500 on maturity. The interest he earned in 2 years is :
(a) Rs13500 (b) Rs3000 (c) Rs24000 (d) Rs1500
Solution- (d) Rs1500
Reason: Mohit deposited a total of 1000 x 24 = 24000 in the recurring deposit account over two years. If he received 25500 on maturity, then the interest he earned in 2 years is 25500 – 24000 = 1500.
Que-7: Naveen deposits Rs800 every month in a recurring deposit account for 6 months. If he receives Rs4884 at the time of maturity, then the interest he earns is : (a) Rs84 (b) Rs42 (c) Rs24 (d) Rs284
Solution- (a) Rs84
Reason: Maturity value = ₹ 4884
Deposited value = ₹ 800 × 6 = ₹ 4800
∴ Interest earns by him = ₹ 4884 – ₹ 4800
= ₹ 84
Directions (Q8 to Q11): study the following information and answer the questions that follow :
Joseph has a recurring deposit account in a bank for two years at the rate of 8% per annum simple interest.
Que-8: If at the time of maturity Joseph receives Rs2000 as interest, then the monthly installment is : (a) Rs1200 (b) Rs600 (c) Rs1000 (d) Rs1600
Solution- (c) Rs1000
Reason: n = 2 years
r = 8%
I = Rs2000
I = [Pxn(n+1)]/(2×12) x r/100
2000 = [Px24x25]/(2×12) 8/100
P = (2000×100)/(25×8)
P = Rs1000.
Que-9: The total amount deposited in a bank is :
(a) Rs25000 (b) Rs24000 (c) Rs26000 (d) Rs 23000
Solution- (b) Rs24000
Reason: Total amount deposit = P x n
= 1000 x 24 = 24000
Que-10: The amount Joseph receives on maturity is : (a) Rs27000 (b) Rs25000 (c) Rs26000 (d) Rs28000
Solution- (c) Rs26000
Reason: MV = (Pxn) + I
MV = 24000 + 2000 = 26000.
Que-11: If the monthly installment is Rs100 and the rate of interest is 8%, in how many months Joseph will receive Rs52 as interest?
(a) 18 (b) 30 (c) 12 (d) 6
Solution- (c) 12
Reason: P = Rs100
r = 8%
I = Rs52
I = [Pxn(n+1)]/(2×12) x r/100
52 = [100 x n(n+1)]/(2×12) x 8/100
n(n+1) = (52 x 100 x 2 x 12)/(100 x 8)
n(n+1) = 52 x 3
n(n+1) = 13 x 4 x 3
n(n+1) = 13 x 12
n(n+1) = 12 x (12+1)
n = 12.
— : End of Banking MCQs Class 10 RS Aggarwal Goyal Brothers Prakashan ICSE Foundation Maths Solutions : —
Return to :– RS Aggarwal ICSE Class 10 Solutions Goyal Brothers
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