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A Page from the Savings Bank Account of Mr. Prateek If Given Below. If H Receives Rs. 198 as Interest on 1st January, 2007, Find the Rate of Interest Paid by the Bank. - Mathematics

A page from the savings bank account of Mr. Prateek if given below. 

Date Particulars Withdrawals (In Rs) Deposits (In Rs) Balance (In Rs)
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 h receives Rs. 198 as interest on 1st January, 2007, Find the rate of interest paid by the bank.

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Solution

Principle for the month of Jan = Rs. 3,580
Principle for the month of Feb = Rs. 3,580
Principle for the month of march = Rs. 1,580
Principle for the month of April = Rs. 7,780
Principle for the month of May = Rs. 7,780
Principle for the month of June = Rs. 3,280
Principle for the month of July = Rs. 3,280
Principle for the month of Aug = Rs. 5,910
Principle for the month of Sept = Rs. 5,910
Principle for the month of Oct = Rs. 2,690
Principle for the month of Nov = Rs. 4,190
Principle for the month of Dec = Rs. 3,240
Total Equivalent principle for 1 month = Rs. 52,800

∴ Rate% =` (I xx100) /(PxxT) % = (198xx100xx12)/(52,800xx1) %= 4.5%`

  Is there an error in this question or solution?
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