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

(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 **

(a) a person gets the same interest every month

**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)

(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

(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

(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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