This is the second set of questions on Banking. I hope you are now prepared for the exam and confident about your success. I have already uploaded MCQs on the full syllabus, the link is given below.
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Click here for Mock Question Paper for Semester 1 (2021) ICSE Class X Mathematics (MCQ)
Solutions to the above MCQs of Banking are given below
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Solutions
Question 1: Debolina opened a recurring deposit account in a bank and
deposited ₹ 100 per month for one year. If she receives ₹ 1265 at the time of
maturity, the interest earned by her:
- (a) 10%
- (b) ₹ 65
- (c) ₹ 265
- (d) 9%
Solution: P = ₹ 500, n= 12, amount of maturity=₹ 1265
Total money deposited = P × n = ₹ 100 × 12= ₹ 1200
Interest earned = amount of maturity − total money deposited
= ₹1265 − ₹ 1200 = ₹ 65
| option (b) |
Question 2: Shouvik deposited ₹ 800 per month in a bank for one
and half years under the recurring deposit scheme. If the rate of interest
is 10% per annum, the interest earned by him
- (a) ₹ 140
- (b) ₹ 2,000
- (c) ₹ 520
- (d) ₹1140
Solution: P = ₹ 800, n = 18, r = 10%
Formula I = P × {n × (n+1)/(2 ×12)} × (r/100)
I = ₹ 800 × (18 × 19)/(2 ×12) × (10/100) = ₹ 1140
| Option (d) |
Question 3: Srijita has a cumulative bank account and deposits ₹ 200 per
month for a period of 2 years. If she receives ₹ 5300 at the time of maturity,
then the rate of interest per annum is
- (a) 5%
- (b) 6%
- (c) 8%
- (d) 10%
Solution: P = ₹ 200, n = 24, the amount of maturity = ₹ 5300
Total money deposited = ₹ 200 × 24 = ₹ 4800
Interest paid by the bank = ₹ 5300 − ₹ 4800 = ₹ 500
Let the rate of interest be r% be annum.
Formula I = P × n(n+1) /(2 × 12) × (r/100)
₹ 500 = ₹ 200 × (24 × 25)/(2 ×12) × (r/100)
∴ r = (500 × 2 × 12 × 100)/(200 ×24 × 25) = 10%
| Option (d) |
Question 4: Rudra opened a recurring deposit account in a certain bank
and deposited ₹ 600 per month for a period of 2 years. If the bank pays
interest at the rate of 8% per annum,then the amounts he gets on maturity:
- (a) ₹ 18000
- (b) ₹ 2000
- (c) ₹ 15,600
- (d) ₹ 1200
Solution: P = ₹ 600, n = 24, r = 8%, total money deposited = ₹ 600 × 24 = ₹ 14400
Interest I = ₹ 600 × (24 × 25)/(2 × 12) × (8 /100) = ₹ 1200
The amount of maturity = total money deposited + interest
= ₹ 14400 + ₹ 1200 = ₹ 15,600
| Option (c) |
Question 5: Anjali had a recurring deposit account in a bank
for 2 years at 6% p.a. simple interest. If she gets ₹ 1200 as interest
at the time of maturity, then the monthly instalment is deposited by her.
- (a) ₹ 600
- (b) ₹ 800
- (c) ₹ 900
- (d) ₹ 1000
Solution: n = 24, r = 6%, I = ₹ 1200
Formula I = P × n ×(n+1)/(2 ×12) × (r/100)
∴ 1200 = P × (24 × 25) / (2 × 12) × (6/100)
⇒ P = (1200 × 2 × 12 × 100) / (24 × 25 × 6) = ₹ 800
| Option (b) |
Question 6: Srijani has a cumulative deposit account in the Union Bank of
India and deposited ₹ 300 per month. If the maturity value of this account
is ₹ 3717 and the rate of interest is 6% per annum, find the time in months
for which the account was held.
- (a) 12
- (b) 18
- (c) 24
- (d) 30
Solutions: P = ₹ 300, r = 6%, Amount of maturity = ₹ 3717
Let the account be held for n months
∴ money deposited = ₹ 300 n
as Amount of maturity = money deposited + interest
∴ 3717 = 300 n + 300 × n(n+1)/(2 ×12) × (6/100)
⇒ 1239 = 100 n + (n²+n)/4
⇒ 4956 = 400 n + n² + n
⇒ n² +401 n − 4956 = 0
⇒ n² + 413 n − 12 n − 4956 = 0
⇒ (n+ 413) (n − 12) = 0
n = − 413 (not acceptable) ; n = 12
| Option (a) |
Question 7: Sampriti has a cumulative time deposit account in the
State Bank of India. She deposits ₹ 500 per month for a period
of 2 years. At the time of maturity, she gets ₹ 13,125.
(i) Total money deposited by her in the bank.
- (a) ₹ 6000
- (b) ₹ 9000
- (c) ₹ 12,000
- (d) ₹ 15,000
Solution: P = ₹ 500, n = 24 , Total money deposited = P × n = ₹ 500 × 24 = ₹ 12,000
| Option (c) |
(ii) Interest earned by her from the bank.
- (a) ₹ 7125
- (b) ₹ 4125
- (c) ₹ 875
- (d) ₹ 1125
Solution: The amount of maturity = ₹ 13,125, money deposited = ₹ 12,000
∴ Interest earned = the amount of maturity − money deposited = ₹ 13,125 − ₹ 12,000 = ₹ 1125
| Option (d) |
(iii) interest earned by her in terms of r (rate of interest per annum):
- (a) 71.25 r
- (b) 125 r
- (c) 277.5 r
- (d) 32.5 r
Solution: Interest I = ₹ 500 × (24 × 25) / (2 × 12) × (r/100) = 125 r
| Option (b) |
(iv) rate of interest is
- (a) 6%
- (b) 9%
- (c) 10%
- (d) 12%
Solution: 125 r = 1125
⇒ r = 9%
| Option (b) |
Question 8: Supriyo has a recurring deposit account in a post office
for one and half years at 8% annum simple interest. If he gets ₹ 570 as
interest at the time of maturity, find the monthly instalment.
- (a) ₹ 400
- (b) ₹ 500
- (c) ₹ 600
- (d) ₹ 700
Solution: n = 18 , r = 8%, I = ₹ 570; let monthly instalment be P.
∴ 570 = P × (18 × 19)/ (2 × 12) × (8/100)
⇒ P = (₹ 570 × 2 × 12 × 100) / (18 × 19 × 8) = ₹ 500
| Option (b) |
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