# Banking ML Aggarwal Solutions ICSE Maths Class-10

**Banking ML Aggarwal Solutions**ICSE Maths Class-10 Chapter-2 APC Understanding Solutions. We Provide Step by Step Answer of Chapter-2

**Banking**, with MCQs and Chapter-Test Questions / Problems related Exercise-2

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## Banking ML Aggarwal Solutions ICSE Maths Class-10 Chapter-2

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**How to Solve Banking Problems/Questions / Exercise of ICSE Class-10 Maths**

Before viewing Answer of Chapter-2 **Banking ML Aggarwal Solutions** . Read the Chapter Carefully. Then solve all the example of your text book. For more practice on **Banking** related problems/Questions/Exercise try to solve **Banking** exercise of other famous publications also such as Goyal Brothers Prakshan (RS Aggarwal ICSE) / Concise Selina Publications Mathematics. Get the formula of Banking for ICSE Class 10 Maths to understand the topic more clearly in effective way.

### Exercise -2 **Banking ML Aggarwal Solutions**

**Question 1: **

**Shweta deposits Rs. 350 per month in a recurring deposit account for one year at the rate of 8% p.a. Find the amount she will receive at the time of maturity**

**Answer 1**

Deposit per month = Rs 350,

Rate of interest = 8% p.a.

Period (x) = 1 year

= 12 months

**Question 2**

**Saloni deposited Rs 150 per month in a bank for 8 months under the Recurring Deposit Scheme. ‘What will be the maturity value of his deposit if the rate of interest is 8% per annum ?**

**Answer 2**

Deposit per month = Rs. 150

Rate of interest = 8% per

Period (x) = 8 month

**Question 3**

**Mrs. Goswami deposits Rs. 1000 every month in a recurring deposit account for 3 years at 8% interest per annum. Find the matured value. (2009)**

**Answer 3**

Deposit per month (P) = Rs. 1000

Period = 3 years = 36 months

Rate = 8%

**Question 4**

**Sonia had a recurring deposit account in a bank and deposited Rs. 600 per month for 2 ½ years. If the rate of interest was 10% p.a., find the maturity value of this account.**

**Answer 4**

Principal (n)= 2.5 year= 2.5*12 month=30 months

Principal (P)= Rs 600

Rate = 10% p.a.

Maturity Value= ……………

S.I.= P*n(n+1)*r*1/(2*100*12)

” ” = 600*30*31/2*100*12

Simple Interest .= RS 2335

Now Maturity Value = P*n+S.I.

Maturity Value=600*30+2325

…………………=RS 20325 Ans

**Question 5**

**Kiran deposited Rs. 200 per month for 36 months in a bank’s recurring deposit account. If the banks pays interest at the rate of 11% per annum, find the amount she gets on maturity ?**

**Answer 5**

Amount deposited month (P) = Rs. 200

Period (n) = 36 months,

Rate (R) = 11% p.a.

Now amount deposited in 36 months = Rs. 200 x 36 = Rs 7200

**Question 6**

**Haneef has a cumulative bank account and deposits Rs. 600 per month for a period of 4 years. If he gets Rs. 5880 as interest at the time of maturity, find the rate of interest.**

**Answer 6**

Interest = Rs. 58800

Monthly deposit (P) = Rs. 600

**Question 7**

**David opened a Recurring Deposit Account in a bank and deposited Rs. 300 per month for two years. If he received Rs. 7725 at the time of maturity, find the rate of interest per annum. (2008)**

**Answer 7**

Deposit during one month (P) = Rs. 300

Period = 2 years = 24 months.

Maturity value = Rs. 7725

**Question 8**

**Mr. Gupta-opened a recurring deposit account in a bank. He deposited Rs. 2500 per month for two years. At the time of maturity he got Rs. 67500. Find :**

**(i) the total interest earned by Mr. Gupta.**

**(ii) the rate of interest per annum.**

**Answer 8**

Deposit per month = Rs. 2500

Period = 2 years = 24 months

Maturity value = Rs. 67500

**Question 9**

**Shahrukh opened a Recurring Deposit Account in a bank and deposited Rs 800 per month for years. If he received Rs 15084 at the time of maturity, find the rate of interest per annum.**

**Answer 9**

Money deposited by Shahrukh per month (P)= Rs 800

r = ?

**Question 10**

**Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs 1200 as interest at the time of maturity, find:**

**(i) the monthly instalment**

**(ii) the amount of maturity. (2016)**

**Answer 10**

Interest = Rs 1200

Period (n) = 2 years = 24 months

Rate (r) = 6% p.a.

**Question 11**

**Mr. R.K. Nair gets Rs 6,455 at the end of one year at the rate of 14% per annum in a recurring deposit account. Find the monthly instalment.**

**Answer 11**

Let monthly instalment is Rs P

here n = 1 year = 12 months

n = 12

**Question 12**

**Samita has a recurring deposit account in a bank of Rs 2000 per month at the rate of 10% p.a. If she gets Rs 83100 at the time of maturity. Find the total time for which the account was held.**

**Answer 12**

Deposit per month = Rs 2000,

Rate of interest = 10%, Let period = n months

**MCQs of Chapter-2 Banking **

**Question 1**

**If Sharukh opened a recurring deposit account in a bank and deposited Rs 800 per month for years, then the total money**

**deposited in the account is**

**(a) Rs 11400**

**(b) Rs 14400**

**(c) Rs 13680**

**(d) none of these**

**Answer 1**

Monthly deposit = Rs800

Period (n) = years = 18 months

.’. Total money deposit = Rs 800 x 18

= Rs 14400 (b)

**Question 2**

**Mrs. Asha Mehta deposit Rs 250 per month for one year in a bank’s recurring deposit account. If the rate of (simple) interest is 8% per annum, then the interest earned by her on this account is**

**(a) Rs 65**

**(b) Rs 120**

**(c) Rs 130**

**(d) Rs 260**

**Answer 2**

Deposit per month (P) = Rs 250

Period (n) = 1 year = 12 months

Rate (r) = 8% p.a.

**Question 3**

**Mr. Sharma deposited Rs 500 every month in a cumulative deposit account for 2 years. If the bank pays interest at the rate of 7% per annum, then the amount he gets on maturity is**

**(a) Rs 875**

**(b) Rs 6875**

**(c) Rs 10875**

**(d) Rs 12875**

**Answer 3**

Deposit (P) = Rs 500 per month

Period (n) = 2 years = 24 months

Rate (r) = 7% p.a.

**Question 4**

**John deposited Rs 400 every month in a bank’s recurring deposit account for years. If he gets Rs 1085 as interest at the time of maturity, then the rate of interest per annum is**

**(a) 6%**

**(b) 7%**

**(c) 8%**

**(d) 9%**

**Answer 4**

Deposit (P) = Rs 400 per month

Period (n) = years = 3 months

Interest = Rs 1085

Let r% be the rate of interest

**Chapter-Test Solutions of Exercise-2 Banking for ML aggarwal ICSE Class-10 APC Understanding Maths**

**Question 1**

**Mr. Dhruv deposits Rs 600 per month in a recurring deposit account for 5 years at the rate of 10% per annum (simple interest). Find the amount he will receive at the time of maturity.**

**Answer 1**

Deposit per month = Rs 600

Rate of interest = 10% p.a.

Period (n) = 5 years 60 months.

Total principal for one month

**Question 2**

**Ankita started paying Rs 400 per month in a 3 years recurring deposit. After six months her brother Anshul started paying Rs 500 per month in a years recurring deposit. The bank paid 10% p.a. simple interest for both. At maturity who will get more money and by how much?**

**Answer 2**

In case of Ankita,

Deposit per month = Rs 400

Period (n) = 3 years = 36 months

Rate of interest = 10%

Total principal for one month

**Question 3**

**Shilpa has a 4 year recurring deposit account in Bank of Maharashtra and deposits Rs 800 per month. If she gets Rs 48200 at the time of maturity, find**

**(i) the rate of simple interest,**

**(ii) the total interest earned by Shilpa**

**Answer 3**

Deposit per month (P) = Rs 800

Amount of maturity = Rs 48200

**Question 4**

**Mr. Chaturvedi has a recurring deposit account in Grindlay’s Bank for years at 11% p.a. (simple interest). If he gets Rs 101418.75 at the time of maturity, find the monthly instalment.**

**Answer 4**

Let each monthly instalment = Rs x

Rate of interest = 11 %

Period (n) = years or 54 months,

Total principal for one month

**Question 5**

**Rajiv Bhardwaj has a recurring deposit account in a bank of Rs 600 per month. If the bank pays simple interest of 7% p.a. and he gets Rs 15450 as maturity amount, find the total time for which the account was held.**

**Answer 5**

Deposit during the month (P) = Rs 600

Rate of interest = 7% p.a.

Amount of maturity = Rs 15450

Let time = n months

— : End of Banking Solutions :–

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