ICSE Class X Math 2015 Solved Paper | Question 13

ICSE Class X Math 2015 Solved Paper

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Katrina opened a recurring deposit account with a Nationalised Bank for a period of 2 years. If the bank pays interest at the rate of 6% per annum and the monthly instalment is ₹1,000 , find the :

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Question : 13

Total: 52

interest earned in 2 years.

Solution:

‌‌ Given ‌:P=₹1,000,n=2‌ year ‌=24
‌‌ months, ‌r=6%‌. ‌
I‌=P×‌

n(n+1)

2

×‌

r

12×100

‌=1,000×‌

24(24+1)

2

×‌

6

12×100

‌=1,000×‌

24×25

2

×‌

6

12×100

‌=₹1,500.

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