ML Aggarwal Solution Class 10 Chapter 2 Banking MCQs

MCQs

Question 1

If Sharukh opened a recurring deposit account in a bank and deposited Rs 800 per month for $1 \frac{1}{2}$ years,  then the total money deposited in the account is

(a) Rs 11400

(b) Rs 14400

(c) Rs 13680

(d) none of these

Sol :

Monthly deposit = Rs 800

Period $(n)=1 \frac{1}{2}$ years $=18$ months

∴ Total money deposit = Rs 800 × 18

= Rs 14400

Ans : (b)

Question 2

Mrs. Asha Mehta deposit Rs 250 per month for one year in a bank’s recurring deposit account. If the rate of (simple) interest is 8% per annum, then the interest earned by her on this account is

(a) Rs 65

(b) Rs 120

(c) Rs 130

(d) Rs 260

Sol :

Deposit per month (P) = Rs 250

Period (n) = 1 year = 12 months

Rate (r) = 8% p.a.

∴Interest $=\frac{\mathrm{P} \times n \times(n+1)}{2 \times 12} \times \frac{r}{100}$

$=\frac{250 \times 12+13}{2 \times 12} \times \frac{8}{100}=₹ 130$

Ans : (c)

Question 3

Mr. Sharma deposited Rs 500 every month in a cumulative deposit account for 2 years. If the bank pays interest at the rate of 7% per annum, then the amount he gets on maturity is

(a) Rs 875

(b) Rs 6875

(c) Rs 10875

(d) Rs 12875

Sol :

Deposit (P) = Rs 500 per month

Period (n) = 2 years = 24 months

Rate (r) = 7% p.a.

∴Interest $=\frac{P \times n \times(n+1)}{2 \times 12} \times \frac{r}{100}$

$=\frac{500 \times 24 \times 25 \times 7}{2 \times 12 \times 100}=₹ 875$

∴Maturity value =P×24+Interest

=₹ 500 \times 24+875=₹ 12000 × 875

=₹ 12875

Ans : (d)

Question 4

John deposited Rs 400 every month in a bank’s recurring deposit account for $2 \frac{1}{2}$ years . If he gets Rs 1085 as interest at the time of maturity, then the rate of interest per annum is

(a) 6%

(b) 7%

(c) 8%

(d) 9%

Sol :

Deposit (P) = Rs 400 per month

Period (n) $=2 \frac{1}{2}$ years $=3$ months

∴Interest = Rs 1085

Let r% be the rate of interest

Interest $=\frac{P \times n \times(n+1)}{2 \times 12} \times \frac{r}{100}$

$1085=₹ \frac{400 \times 30 \times 31 \times r}{2 \times 12 \times 100}$

$1085=155 r \Rightarrow r=\frac{1085}{155}=7$

∴Rate 7 % p.a.

Ans : (b)