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Question
Mr. Ashok has an account in the Central Bank of India. The following entries are from his passbook:
| Date | Particulars | Withdrawals (₹) |
Deposits (₹) |
Balance (₹) |
| 01-01-05 | B/F | - | - | 1,200·00 |
| 07-01-05 | By cash | 500·00 | 1,700·00 | |
| 17-01-05 | To cheque | 400·00 | - | 1,300·00 |
| 10-02-05 | By cash | - | 800·00 | 2,100·00 |
| 25-09-05 | By cheque | 500·00 | - | 1,600·00 |
| 20-09-05 | By cash | - | 700·00 | 2,300·00 |
| 21-11-05 | To cheque | 600·00 | - | 1,700·00 |
| 05-12-05 | By cash | - | 300·00 | 2,000·00 |
If Mr. Ashok gets Rs. 83.75 as interest at the end of the year where the interest is compounded annually, calculate the rate of interest paid by the bank in his Savings Bank Account on 31st December 2005.
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Solution
| Month | Minimum Balance between 10th day and last day (in ₹) | Qualifying Amount for interest |
| January | 1,300 | 1,300 |
| February | 1,600 | 1,600 x 8 = 12,800 |
| March | 1,600 | |
| April | 1,600 | |
| May | 1,600 | |
| June | 1,600 | |
| July | 1,600 | |
| August | 1,600 | |
| September | 1,600 | |
| October | 2,300 | 2,300 |
| November | 1,700 | 1,700 |
| December | 2,000 | 2,000 |
| Total | ₹ 20,100 |
Principal for 1 month = ₹ 20,100
Let x be Rate interest
then
Interest = `(20,100 xx x xx 1)/(100 xx 12)`
∴ 83·75 = `(20,100x)/(1,200)`
x = `(83·75 xx 1,200)/(20,100)`
x = 5
∴ Rate = 5%
RELATED QUESTIONS
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Mr Choudhury opened a Saving Bank Account at State Bank of India on 1st April 2007. The entries of one year as shown in his passbook are given below.
| Date | Particulars | Withdrawals (in Rs.) | Deposits (in Rs.) | Balance (in Rs.) |
| Ist April 2007 | By Cash | - | 8550.00 | 8550.00 |
| 12th- April 2007 | To Self | 1200.00 | -- | 7350.00 |
| 24th April 2007 | By Cash | - | 4550.00 | 11900.00 |
| 8th July 2007 | By Cheque | - | 1500.00 | 13400.00 |
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| Date | Particulars | Amount Withdrawn (In Rs) |
Amount Deposits (In Rs) |
Balance (In Rs) |
| 09.08.1999 11.08.1999 05.10.1999 10.10.1999 27.11.1999 29.11.1999 |
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10,000 5,000 - 17,000 - 3,000 |
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Taking the rate of interest as 6% per annum, find the amount that Mr. Verma gets on closing the account.
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| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| 1998, Jan. 8 | By Cash | - | 500·00 | 500·00 |
| March 19 | To Cheque No. 626 | 100·00 | - | 400·00 |
| May 23 | By Cheque | - | 1500·00 | 1,900·00 |
| July 29 | To Withdrawals Slip | 200·00 | - | 1,700·00 |
| Sept 2 | By Cash | - | 1,300·00 | 3,000·00 |
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