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Selina Textbook Solutions: Banking
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Page 1 Banking (Recurring Deposit Accounts) 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. Solution: Installment per month(P) = ? 640 Number of months(n) = 54 Rate of interest(r)= 12% p.a. Page 2 Banking (Recurring Deposit Accounts) 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. Solution: Installment per month(P) = ? 640 Number of months(n) = 54 Rate of interest(r)= 12% p.a. The amount that Manish will get at the time of maturity = ? (640×54) + ? 9,504 = ? 34,560 + ? 9,504 = ? 44,064 Question 3. Each of A and B both opened recurring deposit accounts in a bank. If A deposited ? 1,200 per month for 3 years and B deposited ? 1,500 per month for 2 ½ years; find, on maturity, who will get more amount and by how much? The rate of interest paid by the bank is 10% per annum. Solution: For A Installment per month(P) = ? 1,200 Number of months(n) = 36 Rate of interest(r) = 10% p.a. The amount that A will get at the time of maturity = ? (1,200×36) + ? 6,660 = ? 43,200 + ? 6,660 = ? 49,860 For B Instalment per month(P) = ? 1,500 Number of months(n) = 30 Rate of interest(r) = 10% p.a. The amount that B will get at the time of maturity Page 3 Banking (Recurring Deposit Accounts) 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. Solution: Installment per month(P) = ? 640 Number of months(n) = 54 Rate of interest(r)= 12% p.a. The amount that Manish will get at the time of maturity = ? (640×54) + ? 9,504 = ? 34,560 + ? 9,504 = ? 44,064 Question 3. Each of A and B both opened recurring deposit accounts in a bank. If A deposited ? 1,200 per month for 3 years and B deposited ? 1,500 per month for 2 ½ years; find, on maturity, who will get more amount and by how much? The rate of interest paid by the bank is 10% per annum. Solution: For A Installment per month(P) = ? 1,200 Number of months(n) = 36 Rate of interest(r) = 10% p.a. The amount that A will get at the time of maturity = ? (1,200×36) + ? 6,660 = ? 43,200 + ? 6,660 = ? 49,860 For B Instalment per month(P) = ? 1,500 Number of months(n) = 30 Rate of interest(r) = 10% p.a. The amount that B will get at the time of maturity = ? (1,500×30) + ? 5,812.50 = ? 45,000 + ? 5,812.50 = ? 50,812.50 Difference between both amounts = ? 50,812.50 – ? 49,860 = ? 952.50 Then B will get more money than A by ? 952.50. Question 4. Ashish deposits a certain sum of money every month is a Recurring Deposit Account for a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets ? 12,715 as the maturity value of this account, what sum of money did money did he pay every month? Solution: Let Installment per month(P) = ? y Number of months(n) = 12 Rate of interest(r) = 11% p.a. Maturity value = ? (y × 12) + ? 0.715y = ? 12.715y Given maturity value = ? 12,715 Then ? 12.715y = ? 12,715 Question 5. A man has a Recurring Deposit Account in a bank for 3 ½ years. If the rate of interest is 12% per annum and the man gets ? 10,206 on maturity, find the value of monthly instalments. Solution: Let Installment per month(P) = ? y Number of months(n) = 42 Page 4 Banking (Recurring Deposit Accounts) 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. Solution: Installment per month(P) = ? 640 Number of months(n) = 54 Rate of interest(r)= 12% p.a. The amount that Manish will get at the time of maturity = ? (640×54) + ? 9,504 = ? 34,560 + ? 9,504 = ? 44,064 Question 3. Each of A and B both opened recurring deposit accounts in a bank. If A deposited ? 1,200 per month for 3 years and B deposited ? 1,500 per month for 2 ½ years; find, on maturity, who will get more amount and by how much? The rate of interest paid by the bank is 10% per annum. Solution: For A Installment per month(P) = ? 1,200 Number of months(n) = 36 Rate of interest(r) = 10% p.a. The amount that A will get at the time of maturity = ? (1,200×36) + ? 6,660 = ? 43,200 + ? 6,660 = ? 49,860 For B Instalment per month(P) = ? 1,500 Number of months(n) = 30 Rate of interest(r) = 10% p.a. The amount that B will get at the time of maturity = ? (1,500×30) + ? 5,812.50 = ? 45,000 + ? 5,812.50 = ? 50,812.50 Difference between both amounts = ? 50,812.50 – ? 49,860 = ? 952.50 Then B will get more money than A by ? 952.50. Question 4. Ashish deposits a certain sum of money every month is a Recurring Deposit Account for a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets ? 12,715 as the maturity value of this account, what sum of money did money did he pay every month? Solution: Let Installment per month(P) = ? y Number of months(n) = 12 Rate of interest(r) = 11% p.a. Maturity value = ? (y × 12) + ? 0.715y = ? 12.715y Given maturity value = ? 12,715 Then ? 12.715y = ? 12,715 Question 5. A man has a Recurring Deposit Account in a bank for 3 ½ years. If the rate of interest is 12% per annum and the man gets ? 10,206 on maturity, find the value of monthly instalments. Solution: Let Installment per month(P) = ? y Number of months(n) = 42 Rate of interest(r) = 12% p.a. Maturity value= ? (y × 42) + ? 9.03y= ? 51.03y Given maturity value = ? 10,206 Then ? 51.03y = ? 10206 Question 6. (i) Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits ? 140 per month for 4 years. If he gets ? 8,092 on maturity, find the rate of interest given by the bank. (ii) David opened a Recurring Deposit Account in a bank and deposited ? 300 per month for two years. If he received ? 7,725 at the time of maturity, find the rate of interest per annum. Solution: (a) Installment per month(P) = ? 140 Number of months(n) = 48 Let rate of interest(r) = r% p.a. Maturity value= ? (140 × 48) + ? (137.20)r Given maturity value = ? 8,092 Then ? (140 × 48) + ? (137.20)r = ? 8,092 ? 137.20r = ? 8,092 – ? 6,720 Page 5 Banking (Recurring Deposit Accounts) 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. Solution: Installment per month(P) = ? 640 Number of months(n) = 54 Rate of interest(r)= 12% p.a. The amount that Manish will get at the time of maturity = ? (640×54) + ? 9,504 = ? 34,560 + ? 9,504 = ? 44,064 Question 3. Each of A and B both opened recurring deposit accounts in a bank. If A deposited ? 1,200 per month for 3 years and B deposited ? 1,500 per month for 2 ½ years; find, on maturity, who will get more amount and by how much? The rate of interest paid by the bank is 10% per annum. Solution: For A Installment per month(P) = ? 1,200 Number of months(n) = 36 Rate of interest(r) = 10% p.a. The amount that A will get at the time of maturity = ? (1,200×36) + ? 6,660 = ? 43,200 + ? 6,660 = ? 49,860 For B Instalment per month(P) = ? 1,500 Number of months(n) = 30 Rate of interest(r) = 10% p.a. The amount that B will get at the time of maturity = ? (1,500×30) + ? 5,812.50 = ? 45,000 + ? 5,812.50 = ? 50,812.50 Difference between both amounts = ? 50,812.50 – ? 49,860 = ? 952.50 Then B will get more money than A by ? 952.50. Question 4. Ashish deposits a certain sum of money every month is a Recurring Deposit Account for a period of 12 months. If the bank pays interest at the rate of 11% p.a. and Ashish gets ? 12,715 as the maturity value of this account, what sum of money did money did he pay every month? Solution: Let Installment per month(P) = ? y Number of months(n) = 12 Rate of interest(r) = 11% p.a. Maturity value = ? (y × 12) + ? 0.715y = ? 12.715y Given maturity value = ? 12,715 Then ? 12.715y = ? 12,715 Question 5. A man has a Recurring Deposit Account in a bank for 3 ½ years. If the rate of interest is 12% per annum and the man gets ? 10,206 on maturity, find the value of monthly instalments. Solution: Let Installment per month(P) = ? y Number of months(n) = 42 Rate of interest(r) = 12% p.a. Maturity value= ? (y × 42) + ? 9.03y= ? 51.03y Given maturity value = ? 10,206 Then ? 51.03y = ? 10206 Question 6. (i) Puneet has a Recurring Deposit Account in the Bank of Baroda and deposits ? 140 per month for 4 years. If he gets ? 8,092 on maturity, find the rate of interest given by the bank. (ii) David opened a Recurring Deposit Account in a bank and deposited ? 300 per month for two years. If he received ? 7,725 at the time of maturity, find the rate of interest per annum. Solution: (a) Installment per month(P) = ? 140 Number of months(n) = 48 Let rate of interest(r) = r% p.a. Maturity value= ? (140 × 48) + ? (137.20)r Given maturity value = ? 8,092 Then ? (140 × 48) + ? (137.20)r = ? 8,092 ? 137.20r = ? 8,092 – ? 6,720 (b) Instalment per month(P) = ? 300 Number of months(n) = 24 Let rate of interest(r)= r% p.a. Maturity value = ? (300 × 24) + ? (75)r Given maturity value = ? 7,725 Then ? (300 × 24) + ? (75)r = ? 7,725 ? 75 r = ? 7,725 – ? 7,200 Question 7. Amit deposited ? 150 per month in a bank for 8 months under the Recurring Deposit Scheme. What will be the maturity value of his deposits, if the rate of interest is 8% per annum and interest is calculated at the end of every month? Solution: Installment per month(P) = ? 150 Number of months(n) = 8 Rate of interest(r) = 8% p.a. The amount that Manish will get at the time of maturityRead More
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