Question

A page from the Savings Bank Account of Mr. Prateek is given below:

Date	Particulars	Withdrawals (in ₹)	Deposits (in ₹)	Balance (in ₹)
January 1st, 2006	B/F	-	-	1,270
January 7th, 2006	By Cheque	-	2,310	3,580
March 9th, 2006	To Self	2,000	-	1,580
March 26th, 2006	By Cash	-	6,200	7,780
June 10th, 2006	To Cheque	4,500	-	3,280
July 15th, 2006	By Clearing	-	2,630	5,910
October 18th, 2006	To Cheque	530	-	5,380
October 27th, 2006	To Self	2,690	-	2,690
November 3rd, 2006	By Cash	-	1,500	4,190
December 6th, 2006	To Cheque	950	-	3,240
December 23rd, 2006	By Transfer	-	2,920	6,160

If he receives ₹198 as interest on 1^st January 2007, find the rate of interest paid by the bank.

Answer 1

Month                   Qualifying amount(₹)
January             =       3,580
February           =       3,580
March               =       1,580
April                  =       7,780
May                   =       7,780
June                  =        3,280
July                   =        3,280
August              =        5,910
September       =         5,910
October            =        2,690
November        =        4,190
December        =         3,240
                   Total        52,800

Interset = `(52,800 xx "R" xx (1)/(2))/(100)`

198 = `(528)/(12)"R"`

R = `(198 xx 12)/(528)`

= 4.5%.