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ICSE Class X Math 2014 Solved Paper

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Question : 7
Total: 52
Shahrukh opened a Recurring Deposit Account in a bank and deposited ₹800 per month for 1‌
1
2
 years. If he received ₹15,084 at the time of maturity, find the rate of interest per annum.
Solution:  
Here, P= money deposited per month = ₹ 800
n= Time for which the money is deposited
=1‌
1
2
‌ years ‌‌, ‌=18‌ months. ‌
Let the rate of interest be r% per annum, then
∴‌‌‌ Interest ‌‌=P×‌
n(n+1)
2×12
×‌
r
100

‌=800×‌
18×19
2×12
×‌
r
100

‌=₹114r
Total money deposited =18×800=₹14,400
Since money deposited + interest = Maturity value
14,400+114r‌=15,084
114r‌=15,084−14,400
114r‌=684
r‌=‌
684
114
=6
Hence, rate of interest =6% p.a.
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