Maths GST,Banking - PracticeSheets

Understanding Recurring Deposits (RD)

In simple terms, a Bank is a safe place to keep your money so it doesn’t get stolen or damaged at home [1, 2]. For Class 10, we focus on the Recurring Deposit (RD) Account [2].

Principal (P): The fixed amount you deposit every month [3].
Time (n): The duration in months. Minimum is 3 months, maximum is 10 years [3, 4].
Rate (r): The annual interest percentage provided by the bank [3].
Maturity Value (MV): The total money you get back (Your total deposits + Interest) [5, 6].

1. Interest (I) = P × [n(n + 1) / (2 × 12)] × (r / 100)
2. Maturity Value (MV) = (P × n) + I [7]

Practice Problems: Banking

Q1. Dhruv deposits ₹600 per month in an RD account for 5 years at 10% p.a. find the Maturity Value [6].

P = ₹600, n = 5 × 12 = 60 months, r = 10% [6].

Interest = 600 × [60(61) / 24] × (10 / 100) = ₹9,150 [8, 9].

MV = (P × n) + I = (600 × 60) + 9150 = 36,000 + 9,150 = ₹45,150 [9].

Q2. Amit has an RD account with P = ₹600 and r = 12%. If MV = ₹11,826, find the number of months (n) [10, 11].

Let time be ‘x’. Interest = 600 × [x(x+1)/24] × (12/100) = 3x(x+1) = 3x² + 3x [12].

MV = 600x + 3x² + 3x = 11,826. Equation: 3x² + 603x – 11,826 = 0 [12].

Solving x² + 201x – 3942 = 0 gives x = 18 months (rejecting negative value) [13, 14].

Banking Quiz

Understanding GST

GST stands for Goods and Services Tax. It follows the motto: One Nation, One Tax [15, 16].

Types of Transactions:

Intra-State (Same State): Tax is split into CGST (Central) and SGST (State). Each is exactly half of the total GST rate [17, 18].
Inter-State (Between States): Only IGST (Integrated GST) is charged, which goes to the Central Government [19, 20].

1. Profit = Selling Price (SP) – Cost Price (CP) [21, 22]
2. Discount is always calculated on the Marked Price (MP) [22].
3. Tax is always calculated on the Discounted Price (SP) [23].

Practice Problems: GST

Q1. A shopkeeper buys an item for ₹4,000 and sells it at a 20% profit within the same state. GST is 5%. Find total amount paid by consumer [24].

MP = ₹4,000. Profit = 20% of 4000 = ₹800. SP = ₹4,800 [23, 24].

Since it is Intra-state, CGST = SGST = 2.5% of 4800 = ₹120 each [23, 25].

Total = 4800 + 120 + 120 = ₹5,040 [25].

ICSE Class 10 Maths Hub