Ankita started paying Rs 400 per month in a 3 years recurring deposit.

Ankita started paying Rs 400 per month in a 3 years recurring deposit. After six months her brother Anshul started paying Rs 500 per month in a 2 \frac { 1 }{ 2 } years recurring deposit. The bank paid 10% p.a. simple interest for both. At maturity who will get more money and by how much?

Solution:

In case of Ankita,
Deposit per month = Rs 400
Period (n) = 3 years = 36 months
Rate of interest = 10%
Total principal for one month
ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking Chapter Test Q2.1
ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking Chapter Test Q2.2
ML Aggarwal Class 10 Solutions for ICSE Maths Chapter 2 Banking Chapter Test Q2.3

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