Question

Mrs. Kapoor opened a Savings Bank Account in State Bank of India on 9th January 2008. Her passbook entries for the year 2008 are given below:

Date	Particulars	Withdrawals (in ₹)	Deposits (in ₹)	Balance (in ₹)
Jan. 9, 2008	By cash	-	10,000	10,000
Feb. 12, 2008	By cash	-	15,500	25,500
April 6, 2008	To Cheque	3,500	-	22,000
April 30, 2008	To Self	2,000	-	20,000
July 16, 2008	By Cheque	-	6,500	26,500
August 4, 2008	To Self	5,500	-	21,000
August 20, 2008	To Cheque	1,200	-	19,800
Dec. 12, 2008	By Cash	-	1,700	21,500

Mrs. Kapoor closes the account on 31st December, 2008. If the bank pays interest at 4% per annum, find the interest Mrs. Kapoor receives on closing the account. Give your answer correct to the nearest rupee.

Answer 1

Month	Minimum Balance (₹)
January	10,000
February	10,000
March	25,500
April	20,000
May	20,000
June	20,000
July	20,000
August	19,800
September	19,800
October	19,800
November	19,800
Total	₹2,04,700

S.I. = `"PRT"/(100)`

= `(2,04,700 xx 1 xx 4)/(100 xx 12)`

= ₹ 682.33

= ₹ 682.