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 : 14 of 52

Marks: +1, -0

matured value.

Solution:

Total money deposit in 24 months

\;=\₹ 1,000 × 24

\;=\₹ 24,000

Matured value

\;=\;\text " Total sum deposit "\;+ \;\text " interest "\;

\;=\₹ 24,000+\₹ 1,500

\;=\₹ 25,500 .

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