ICSE Class X Math 2015 Solved Paper

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 :

Question : 13 of 52

Marks: +1, -0

interest earned in 2 years.

Solution:

\;\;\text " Given "\;: {\P}=₹ 1,000, n=2 \;\text " year "\;=24

\;\;\text " months, "\; r=6 \% \;\text ". "\;

{\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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