ICSEClass XMathematicsBanking01 Mark2023 Easy

QQuestion

Naveen deposits ₹800 every month in a recurring deposit account for 6 months. If he receives ₹4884 at the time of maturity, then the interest he earns is:

(a) ₹84

(b) ₹42

(c) ₹24

(d) ₹284

Exam-ready answer 01 Mark

Answer

(a) ₹84

Explanation:

Sum deposited = ₹800 × 6

Sum deposited = ₹4800

Interest earned = Maturity value − Sum deposited

Interest earned = ₹4884 − ₹4800

Therefore, interest earned = ₹84.

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