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Mrs Kapoor Opened a Savings Bank Account in State Bank of India on 9th January 2008. Her Pass Book Entries for the Year 2008 Are Given Below: Find Interest Mrs Kapoor Receives on Closing the Account. - ICSE Class 10 - Mathematics

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Question

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

Date Particulars Withdrawals (in Rs.) Deposits (in Rs.) Balance (in Rs.)
Jan 9, 2008 By Cash - 10000 10000
Feb 12, 2008 By Cash - 15500 25500
April 6, 2008 To Cheque 3500 - 22000
April 30, 2008 To Self 2000 - 20000
July 16, 2008 By Cheque - 6500 26500
August 4, 2008 To Self 5500 - 21000
August 20, 2008 To Cheque 1200 - 19800
Dec. 12, 2008 By Cash - 1700 21500

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.

Solution

Minimum balance for January = Rs. 10,000
Minimum balance for February = Rs. 10,000
Minimum balance for March = Rs. 25,500

Minimum balance for April = Rs. 20,000
Minimum balance for May = Rs. 20,000
Minimum balance for June = Rs. 20,000
Minimum balance for July = Rs. 20,000
Minimum balance for August = Rs. 19,800
Minimum balance for September = Rs. 19,800
Minimum balance for October = Rs. 19,800
Minimum balance for November = Rs. 19,800
Minimum balance for December = Rs. 0
Total principal = Rs. 2,04,700
Rate = 4% p.a. and Time =`1/12`year .

∴ Interest = `(PxxRxxT )/100 =  (2,04,700xx4xx1)/(100xx12) = Rs. 682 Ans`

  Is there an error in this question or solution?

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Solution Mrs Kapoor Opened a Savings Bank Account in State Bank of India on 9th January 2008. Her Pass Book Entries for the Year 2008 Are Given Below: Find Interest Mrs Kapoor Receives on Closing the Account. Concept: Computation of Interest.
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