ICSE Class X Math 2013 Solved Paper

Question : 21

Total: 46

Mr. Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. If the rate of interest is of 8% per annum and Mr. Britto gets ₹8088 from the bank after 3 years, find the value of his monthly instalment.

Solution:

Let the monthly instalment be ₹x
Given : M.V. =₹8,088 , Time (n)=3 years = 36 months, Rate (R)=8% p.a.
I‌=P×‌

n(n+1)

2×12

×‌

100

‌=x×‌

36×37

2×12

×‌

100

‌=‌

444x

100

‌ Actual sum deposited ‌‌=36x

‌ Maturity amount ‌‌= Interest + Actual sum deposited
8,088‌=‌

444x

100

+36x
8,088‌=‌

4,044x

100

∴‌‌x‌=‌

8,088×100

4,044

=200
Hence, the monthly instalment be ₹200.

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