Multiple Choice Questions

1. Deepalideposited 100 per month for 12 months

5. Simran had a recurring deposit account in a
in abank's recurring deposit account. If the bank 1
pays interest at a rate of 9% per annum, then the bank and deposited 500 per month for 2
total amount deposited by Deepali during this
period is: years. If the rate of interest was 10% p.a., then
(a) ? 1,200 the matured value of this account is:
(c) 1,500 (a) 16,397.50 (c) ? 16,793.50
(b) 72,400 (d) ? 1,800
2. Ruhi depositedi200 per month for 15 months
(b) 16,937.50 (d) ?16,973.50
in a bank's recurring deposit account. If the 6. Seema deposited 100 per month for 24 months
bank pays interest at a rate of 10% per annum, in bank's recurring deposit account. If the bank
then the interast earned by Ruhi during this pays an interest of 10% p.a., then the amount
she gets on maturity is:
period is: (c) 2,065
(a) 1,490
(a) 300 (c) 200
(b) ? 1,940 (d) ? 2,650
(b) 250 (d) 150
7. Anwesha intended to open a Recurring Deposit
3. Reeta deposited?80 per month in a cumulative account of {1000per month for 1 year in a Bank,
deposit account for 5 years. If the bank pays paying a 5% per annum rate of simple interest.
interest at a rate of 6%o per annum, find the The bank reduced the rate to 4% per annum.
amount payable to her at the time of maturity. How much must Anwesha deposit monthly for
(a) 5,325 (c) 5,235 lyear so that her interest remains the same?
(b) ? 5,532 (d) ?5,352 ICISCE)
4. Satyam deposited ? 200 per month in a recurring (a) 12325 (c) 1200
deposit account for 18 months. If the rate of
(b) 1250 (d) 1000
interest is 9% per annum, then the interest
earned by him during this period is: 8. Kishan deposited 360 per month in a
(c) 330 cumulative time deposit account with PNB for
(a) ?3,856.50
(d) 256.50 2 years. If the rate of interest is 7% per annum,
(b) ?3,343.50
46 | \CSE Questlon Bank Mathemattes - X monthly

then the amount he get at the tine of

maturity
annum and the
then the interest
earned in instalment
one year
is: (a) 3 6 0 (c) ? 450 is:
(c) ?9,270
(a) 2,7) (b) 390 (d) ?500
(b) 9,720 (d) 7,290 17. Shekhar has a R.D. account in a bank
9. Reshma deposited sonme money
per month tor deposits ? 800 per month and
interest. If the rate of interest is 7%
gets ?
Vears at 9% er annum
in some finance
then the total time for which the per
Ompany. It she gets 15,426 at
maturity, then the aount invested
the tine of
by her per
held, is: accountanuyN
(a) 8months (c) 1!
month is:
(c) ?l,000
() S00 (b) lyear (d) 13
(b) 00 (d) ? 1,100
per
years
10. Abank ottered ascheme of investing 18. Mr. Gujral has a tour year
month tor 2vears. If the rate of interest offered
by the bank is 10% p.a. and the total interest
deposit account in ICICI cumulandative h
Bank
received will be 1,900, then the value of xis: R650 per month. If he receives ? 36. deps
(a) R700 (c) R 760 time of maturity, then the rate of 296 at b
(b) 750 (d) ? 800
per annum.
interest
(a) 11% (c) 9%
11. Radha deposited 400 per month in a recurring (d) 10%
deposit account for 18months. (b) 8%
19. Nisha has a R.D. account in which
The qualitying sum of money for the calculation she deps
ot interest is: 600 per month for 4 years. If. she gets?
interest at the time of maturity, then
(a) 3600 (c) 68,400
interest is per annum,
the rate
(b) 7200 (d) 1,36,800 (a) 10% (c) 8%
12. David opened a Recurring Deposit Account
in abank and deposited 300 per month for (b) 9% (d) 6%
two years. If he received 7,725 at the time of 20. Mr. Singh opened a R.D. account for 2
maturity, then the rate of interest per annum is: and deposited ? 2,500 per month. At the yean
(a) 7% (c) 8% of maturity, he got ? 67,500. The total inbartime
(b) 7.5% (d) 8.4% earned by him during this period is
13. Reeta deposited 350 per month in a R.D. (a) 8,500 (c) 7,000
account for 1 (b) ? 8,000 (d) ? 7,500
4
years. If the matured value of 21. Mr. Raj gets?7,688 at the end
of one year at h.
this account is 5,565, then the interest received rate of 12% per annum in a
is: recurring depost
account. Find the monthly instalment.
(a) ? 385 (c) ?350 (a) 500
(b) R485 (c)? 700
(d) ? 315 (b) 600
14. The matured value of a R.D. account is 22.
(d) ? 800
If the monthly instalment is 400 and
16,176. Statement 1: The interest on the
recuring
of interest is 8% p.a., then the time
the rate deposit account can be calculated by using
this R.D. account is: period of formula:
(a) 1 year
(b) 2years
(c) 3 years I= n(n+1),P0
2x12 Pr
15. Shahrukh opened a R.D. (d) 4 years where I is the interest, P is the
account in a bank
deposited ? 800 per month for 1
and per mornth, n is the number of money deposit
months for
years. If he the money has been deposited and ris theWnrat
received? 15,084 at the time
of maturity, then of interest per
annum.
the rate of interest per Statement 2: The Maturity value on arecurrin
(a) 6% annum is:
(c) 7% deposit
(b) 6.5% MV = Px n²+ Pxn +I
16. Katrina opened a RD. (d) 7.5%
account with a where, MV = Maturity value, P= mone
Nationalised bank tor a period of two
deposited per month, n=- number of months l-
If the bank pays
interest at the rate of 6%years. interest
per (a) Both the
(b) Both the
Statements are true.
Statements are false.
 Recurring Deposit Account
47

i) Statement lis true. andStatement 2 is false. Statement (B): The total amount deposited over
(d) Statement | I is talse. and Statement 2is true. the 3vears is 28,800.
Naveen deposits R 800 every month in a Statement (C): The inal amount received at
recurring deposit account for 6 months. lf he maturity is exactly ? 30,000.
neives 4984 at the time of maturity, then the (a) Onlv A andB are correct
interest he earns is: |Board Question] (b) Only B and Care correct
(a) 8 4 ()R24 (c) Only Aand Care correct
(b) 42 (d) 284 (d) AllA, Band C are correct
24. Statement 1:Aperson opens arecurring deposit Direction: 0. 28 to 31 select the correct answer from
account and deposits 1,000 per month for
) months. The interest rate offered is 5% per the following four options:
JNnunm.
(a) A is true, R is false.
Statement 2: The maturity value of this account (b) A is false, R is true.
using the tormula tor a recurring deposit is (c) Both A and R are true, and R is the correct reason
712325. for A.
Which of the following is valid? (d) Both AandRare tTue, andR is incorrect reason
(a) Both the Statements are true. for A.
b) Both the Statements are false. 28. Assertion (A): Mr. Khan deposits? 250 per
ic) Statement 1 is true, and Statemernt 2 is false. month for 1 vears ina R.D. account of abank.
(d) Statement 1 is false, and Statement 2 is true.
5 Statement 1: If a person deposits 500 every Ifthe rate of interest is 8% per annum, then the
month in a recurring deposit account for a interest earnedon thisaccount is 285.
period of 2years at arn annual interest rate of 6%, Reason (R):The formulafor finding the interest is
the maturity value will be more than 12,500. n(n+1)
Statement 2: Recurring deposit interest is |=Px
12 100
compounded quarterly, and the total interest
accured over the period adds significantly to the 29. Assertion (A):Mrs. Mehta has a cumulative
principal amount deposited. time deposit account in a bank. He deposits
Which of the following is valid? 600per month for 6vears and received 53,712
at the end of maturitv period. Then the rate of
(a) Both the Statements are true.
(b) Both the Statements are false. interest is 8% per annum.
(c) Statement 1 is true, and Statement 2 is false. Reason (R) : The maturity value of a R.D.
(d) Statement 1 is false, and Statemnent 2 is true. account includes the amount deposited by
the account holder together with the interest
26. Which of the following is/are correct? compounded quarterly at a fxed rate.
Statement (A): An individual has a recurring
30. Assertion (A):Vijay opened a recurring deposit
deposit account where the interest is account for 200 per month at 10°% p.a. If he gets
compounded quarterly. 76,775 at the time of maturity, then the maturitv
Statement (B): If the compounding frequency period is 36 months.
of the same account changes from quarterly
to monthly, the maturity value of the account Reason (R) : The formula or fnding the
decreases.
maturity value of a recurring deposit is:
Statement (C): Monthly compounding results in M.V. =Pxn+ Px
n(n+1)
interest being calculated more frequently on a 2x12 100
smaller principal amount. 31. Assertion (A) : Akbar has a recurring deposit
(a) Only Aand Bare correct account in a bank anddeposits400 per month for
(b) Only Band C are correct 3vears. If he gets 16,176 on maturity, then the
(c) Only A and Care correct rate of interest paid by the bank is $°b per annum.
(d) All A, B andC are correct
Reason (R):If nis anatural number, then
27, Which of the following is/are correct?
n(n+1)
Statement (A): A recurring deposit account is 1+2+3+ ... +n=
opened with amonthly deposit of ? 800 for 3
years at an interest rate of 5% per annuam.
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 Formulae

per arnnum that the bank was payig

account and
32. Mr. Sonu has a ecurrin depoit recurring deposit account
deposit, ? 750 per month for 2 years. If
h zets
maturity, find the rate of
37. Sonia had recurring deposit account in a
? 19125 at th tine f
and deposited ? 600 per month for2 bar
|BoardQuestion|
interest. If the rate of interest was 10% P.a.,2 fr year
account
33. Nawem has a5 years Recurring Deposit
240 per rnaturity value of this account.
in lunjab National Bank and deposit ?
month. If she receives ? 17,694 at
the tirme of |Board Question
maturity, find the rate of interest. 38. Kiran deposited ? 200 per month for 36
34. Zafarullah has a recurring deposit
accournt in in a bank's recurring deposit account. month
bank paysinterest at the rate of 111% per anu
a bank for 3 years at 9.5%, S.I. p.a. If he gets
find theamount she gets on maturityv.
the
? 78,638 at the time of maturity. Find 39. Mohan has a recurring deposit account
monthly instalment. abank for 2years at 6% p.a. sSimple interess i
35. Priyanka has a recurring deposit account of he gets ? 1,200 as interest at the time of
?1000 per month at 10%% per annum. If she gets find:
matunt,
?5550 as interest at the time of maturity, find (i) the monthly instalment
the total time for which the accOunt was held. (ii) the amount of maturity.
[Board Question] 1000 every
40. Salman deposits month in a
36. A man opened a recurring deposit account recurring deposit account tor 2 years. If A
in a branch of PNB. The man deposits certain receives ? 26000 on maturity, find:
amount of money per month such that after (a) the total interest Salman earns.
2 years, the interest accumulated is equal to (b) the rate of interest. |Board Question
his monthly deposits. Find the rate of interest

Determine the Following

41. Amit deposited 600 per month in a recurring 42. In a recurring deposit account for 2 years, the
deposit account. The bank pays a simple interest total amount deposited by a person is ?9600.
of 12% p.a. Calculate the: [CISCEJ the interest earned by him is one-twelfth of his
(a) number of monthly instalments Amit total deposit, then find:
deposits to get a maturity amount of <1 1826? (a) the interest he earns.
(b) total interest paid by the bank. (b) his monthly deposit.
(c)total amount deposited by him.
(c) the rate of interest.

Concept Based Questions

43. Katrina opened a recurring deposit
with a Nationalised Bank for a period account [Board Questionl
2 years. If the bank pays interest at the of 45. Saloni deposited 150 per month in her bank
6% per annum and the monthly
rate of for eight months under the Recurring Deposit
instalment is
R 1,000, find the: Scheme. What will be thematurity value of her
(i) interest earned in 2 years. deposit, if the rate of interest is 8% per annum
(ii) matured value. and the interest is calculated at the end of every
44. Rekha opened a recurring
20 months. The rate of deposit account for month ?
interest is 9% per annum 46. Mr. Sameer has a recurring deposit account
and Rekha receives ? 441 as interest at the time a*
of maturity. deposits 600 per month for 2 years. If he g
Find the amount Rekha deposited each ?15,600 at the time of maturity, find the rate
month. interest earned by him.
 Recurring Depesit Acount| 49
Practice Exercise
1. Mr. Bajaj need ? 30,000 after 2 years.
monev (in multiple of 5) must What least 3. Prakash has a Recurring Deposit
everv month in a recurring
he deposit Account in the
deposit Bank of India and deposits ? 140 per
get required money at the end of the
account to month for
4 years. If he gets ? 8,092 on maturity, find
2 years, the the
rate ot interest being 8% p.a. ? rate of interest given by the bank.
, Mr Mavank deposits a
cetain sumn of 4. A recurring deposit account of ? 1,200
oach month in a Reurring Deposit money month has a maturity
per
Account value of ? 12,440. If
of a bank. If the rate of interest is of 8% per the rate of interest is 3% and the interest is
nnum nd Mr. Mayank gets ?8,088 from the calculated at the end of every rnonth; find the
bank atter vears, tind the value of his monthly
time (in months) of this Recurring Deposit
instalment.
Account.

Brain Storming Questions

s Fach of P and Q opened a recurring deposit 6. A man has a Recurring Deposit Account in
0unt in a bank. It P deposited ? 1,200 per
a bank for 3- years. If the rate of interest is
month for 3years and Qdeposited 1,500 per 2
1 12% per annum and the man gets 10,206
month for 2 years; find, on maturity, who
2 on maturity, find the value of monthly
instalments.
will get more amount arnd by how much ? The 7. Amol needs 4,000 after 72 months. What
rate of interest paid by the bank is 10% per least amount per onth must he save and
annum.
put in a recurring deposit scheme to get the
required amount at rate of interest 12-78%.