## 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**

- ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking EX 2
- ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking MCQS
- ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking Chapter Test

**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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