Selina Concise Mathematics Class 10 ICSE Solutions Banking (Recurring Deposit Accounts) Selina Publishers Concise Mathematics Class 10 ICSE Solutions Chapter 2 Banking (Recurring Deposit Accounts Banking (Recurring Deposit Accounts) Exercise 2A – Selina Concise Mathematics Class 10 ICSE Solutions Question 1. Manish opens a Recurring Deposit Account with the Bank of Rajasthan and deposits ₹ 600 per month for 20 months. Calculate the maturity value of this account, if the bank pays interest at the rate of 10% per annum. Solution: Installment per month(P) = ₹ 600 Number of months(n) = 20 Rate of interest(r) = 10% p.a. The amount that Manish will get at the time of maturity = ₹ (600×20) + ₹ 1,050 = ₹ 12,000 + ₹ 1,050 = ₹ 13,050 Question 2. Mrs. Mathew opened a Recurring Deposit Account in a certain bank and deposited ₹ 640 per month for 4 ½ years. Find the maturity value of this account, if the bank pays interest at the rate of 12% per year. Solut...
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