## ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking MCQS

These Solutions are part of ML Aggarwal Class 10 Solutions for ICSE Maths. Here we have given ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking MCQS

**More Exercises**

**Choose the correct answer from the given four options (1 to 4) :**

**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****Solution:**

Monthly deposit = Rs800

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

.’. Total money deposit = Rs 800 x 18

= Rs 14400 (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****Solution:**

Deposit per month (P) = Rs 250

Period (n) = 1 year = 12 months

Rate (r) = 8% p.a.

**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****Solution:**

Deposit (P) = Rs 500 per month

Period (n) = 2 years = 24 months

Rate (r) = 7% p.a.

**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%****Solution:**

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

Hope given ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking MCQS are helpful to complete your math homework.

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