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

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

Question 1.

If Shahrukh 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:

Question 2.

Mrs Asha Mehta deposits 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:

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:

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: