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Question 1: A person opens a recurring deposit account with a Bank and deposited 600 per month for 20 months. Calculate the maturity value of this account, if the bank pays interest at the rate of 10% per annum.

Answer:

Maturity value for the recurring deposits = Total Sum of Money deposited + Interest earned on it

Question 2: A person opened a Recurring Deposit Account in a certain bank and deposited Rs.640 per month for 4 ½ years. Find the maturity value of this account, if the bank pays interest at the rate of 12% per year.

Answer:

Question 3: Person A and Person B both opened recurring bank account in a bank, if A deposited 1,200 per month for 3 years and B deposited Rs.1,500 per month for 2 ½ years; find, on maturity, who will get more amount and by how much? The rate of interest paid by the bank is 10% per annum.

Answer:

For Person A

For Person B

B will get more amount. The difference is 50812.5-49860 = Rs. 952.5

Question 4: A person deposited a certain sum of money every month in a recurring deposit account for a period of 12 months. If the bank pays interest at the rate of 11% p.a. and he gets 12,715 as the maturity value of this account, what sum of money did he pay every month?

Answer:

Question 5: A man has recurring deposit account in a bank for 3 ½ years. If the rate of interest is 12% p.a. and the man gets 10,205 on maturity, find the value of monthly installment.

Answer:

Question 6: Explain the following:

i) Punnet has a recurring deposit account in Bank of Baroda and deposits Rs.140 per month for 4 years. If he gets Rs.8,092 on maturity, find the rate of interest given by the bank.

ii) David opened a recurring deposit account in a bank and deposited Rs.300 per month for two years. If he received Rs.7,725 at the time of maturity, find the rate of interest per annum. [2008]

Answer:

i)

ii)

Question 7: Amit deposited 150 per month in a bank for 8 month under the recurring deposit scheme. What will be the maturity value of his deposits, if the rate of interest is 8% per annum and interest is calculated at the end of every month? [2001, 2007]

Answer:

Question 8: A person deposited Rs.350 per month in a bank for 1 year and 3 months under the recurring deposit scheme. If the maturity value of her deposits is Rs.5,565; find the rate of interest per annum.

Answer:

Question 9: A recurring deposit account of 1,200 per month has a maturity value of Rs.12,440. If the rate of interest is 8% and the interest is calculated at the end of every month; find the time (in months) of this recurring deposit account.

Answer:

or

Hence n = 10 months.

Notes: Please refer to quadratic equations for solving this.

Question 10: A person has a recurring deposit account of Rs.300 per month. If the rate of interest is 12% and the maturity value of this account is Rs.8,100; find the time (in years) of this recurring deposit account.

Answer:

or

Hence n = 24 months or 2 years.

Notes: Please refer to quadratic equations for solving this.

Question 11: Gupta opened a recurring deposit account in a bank. He deposited Rs. 2,500 per month for two years. At the time of maturity, he got Rs.67,500. Find:

- The total interest earned by Mr. Gupta
- The rate of interest per annum. [2010]

Answer: