ICSE Class X Math 2013 Solved Paper

Question : 21 of 46

Marks: +1, -0

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} × \;{r}/{100}

\;=x × \;{36 × 37}/{2 × 12} × \;{8}/{100}

\;=\;{444 x}/{100}

\;\text " Actual sum deposited "\;\;=36 x

\;\text " Maturity amount "\;\;=

Interest + Actual sum deposited

8,088\;=\;{444 x}/{100}+36 x

8,088\;=\;{4,044 x}/{100}

∴ \;\; x\;=\;{8,088 × 100}/{4,044}=200

Hence, the monthly instalment be

₹ 200

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