Question

A man has a recurring deposit account in a bank for 2 years. If the rate of interest is 10% per annum
and the man gets Rs 53,000 on maturity. Find the value of monthly installment

Answer 1

Let Installment per month(P) = Rs y

Number of months(n) = 3.5 × 12 = 42

Rate of interest(r) = 12% p.a.

Selina Solutions Icse Class 10 Mathematics Chapter - Banking Recurring Deposit Accounts

Maturity value= Rs(y x 42) + Rs 9.03y = Rs 51.03y

Given maturity value = Rs 10,206

Then Rs 51.03y = Rs 10206

Selina Solutions Icse Class 10 Mathematics Chapter - Banking Recurring Deposit Accounts

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Answer 2

Answer:

P=Rs.56.67

Step-by-step explanation:

Maturity value =P×n+P×

2×12

n(n+1)

×

100

r

P=monthly deposit

n= number of months =3

2

1

years=42 months

r= rate of interest 12

2892=P×42+P×

2×12

42(42+1)

×

100

12

2892=42P+P×

2×100

42×43

2892=42P(1+

2×100

43

)

2892=42P(1.215)

P=Rs.56.67 is the monthly deposit.