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ICSE Class 10 Mathematics Question 13 of 21

Solved 2025 Specimen Paper ICSE Class 10 Mathematics — Question 5

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5
Question

Question 5(ii)

Mr. Sameer has a recurring deposit account and deposits ₹ 600 per month for 2 years. If he gets ₹ 15600 at the time of maturity, find the rate of interest earned by him.

Answer

Let rate of interest be r%.

Given,

P = ₹ 600/month

n = 2 years or 24 months

M.V. = ₹ 15600

By formula,

M.V. = P×n+P×n(n+1)2×12×r100P \times n + P \times \dfrac{n(n + 1)}{2 \times 12} \times \dfrac{r}{100}

Substituting values we get :

⇒15600=600×24+600×24×(24+1)2×12×r100⇒15600=14400+6×25×r⇒15600−14400=6×25×r⇒150r=1200⇒r=1200150=8\Rightarrow 15600 = 600 \times 24 + 600 \times \dfrac{24 \times (24 + 1)}{2 \times 12} \times \dfrac{r}{100} \\[1em] \Rightarrow 15600 = 14400 + 6 \times 25 \times r \\[1em] \Rightarrow 15600 - 14400 = 6 \times 25 \times r \\[1em] \Rightarrow 150r = 1200 \\[1em] \Rightarrow r = \dfrac{1200}{150} = 8%.

Hence, rate of interest = 8%.