## ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 3 Banking Chapter Test

These Solutions are part of ML Aggarwal Class 10 Solutions for ICSE Maths. Here we have given ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 3 Banking Chapter Test

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**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.**

**Solution:**

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 \(2 \frac { 1 }{ 2 } \) years recurring deposit. The bank paid 10% p.a. simple interest for both. At maturity who will get more money and by how much?**

**Solution:**

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**

**Solution:**

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 \(4 \frac { 1 }{ 2 } \) years at 11% p.a. (simple interest). If he gets Rs 101418.75 at the time of maturity, find the monthly instalment.**

**Solution:**

Let each monthly instalment = Rs x

Rate of interest = 11 %

Period (n) = \(4 \frac { 1 }{ 2 } \) 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.**

**Solution:**

Deposit during the month (P) = Rs 600

Rate of interest = 7% p.a.

Amount of maturity = Rs 15450

Let time = n months

Hope given ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 3 Banking Chapter Test are helpful to complete your math homework.

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