Question

Amit deposits 1200 per month in a bank for 24 months in a
recurring deposit account. If he gets Rs. 2400 as an interest at
the time of maturity, what is the rate of interest per annum?
​

Answer 1

Answer:

6

Step-by-step explanation:

After Solving 12/2=6

So 6%

Answer 2

Answer:

Class X Chapter 2 – Banking Maths

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EXERCISE 2(A)

Question 1:

(a) Manu opened a savings bank account in the state bank of India on 3rd sept, 12 with Rs.

2,700. He withdrew Rs. 1,200 from the bank on 8th sept, 12 and deposited Rs. 500 on 17th

sept, 12. If he did not make any further deposits or withdrawals during this month; find

the amount on which he would receive interest for sept, 12.

(b) Geeta opened a savings bank account in a bank on 7th Nov., 08 and deposited Rs. 750. She

withdrew Rs. 200 on 30th Nov., 08. If no other withdrawal or deposit was made by her

during this month; find the amount on which she would receive interest for the month of

Nov., 08.

SOLUTION 1:

a) Balance on 3rd Sept. = Rs. 2,700

Balance on 8th Sept. = Rs. 2,700 – Rs. 1,200 = Rs. 1,500

Balance on 17th Sept. = Rs. 1,500 + Rs. 500 = Rs. 2,000

Then minimum balance for the month of sept = Rs. 1,500 Ans

b) Balance on 7th Nov. = Rs. 750

Balance on 30th Nov. = Rs750 – Rs. 200 = Rs. 550

Then minimum balance for the month of Nov. = Rs. 550 Ans.

Question 2:

A man opened a savings bank account with a bank on 22nd Feb., 1998 and deposited Rs. 300.

He further deposited Rs. 1,500 on 5th march 1998 and withdrew Rs. 500 on 12th April 1998.

Assuming that he neither deposited not withdrew any money up to the last day of May 1998;

write the amounts on which he would receive interest for:

(i) Feb., 1998 (ii) March, 98 (iii) April, 98 (iv) May, 98

SOLUTION 2:

Balance on 22nd Feb. = Rs. 300

Balance on 5th March = Rs. 300 + Rs. 1,500 = Rs. 1,800

Balance on 12th April = Rs. 1,800 – Rs. 500 = Rs. 1,300

(i) Minimum balance for the month of Feb. = Nil since he opens the account after 10th of

the month.

(ii) Minimum balance for the month of March = Rs. 1,800

(iii) Minimum balance for the month of April = Rs. 1,300

(iv) Minimum balance for the month of May = Rs. 1,300