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Question
Mr. Burman open a saving back account with Bank of India on 3rd April 2007 with a cash deposit of Rs 5,000/-. Subsequently, he deposited Rs 16,500/- by cheque on 11th April 2007, withdraw Rs 4,000/- on 10th May, paid Rs 3,500 for insurance by cheque on 7th July 2007, deposited Rs. 6,000/- in cash on 9th August 2007 and withdrew Rs 1,500/- on 12th Oct 2007.
If he closed the account on 14th December and if the rate of simple interest is 4% pa, then find the amount he received on closing the account.
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Solution
If he closed the acoount on 14th December and if the rate of simple interest is 4°/o pa, then find the amount he received on closing the account. Pis. note that there are June, September and November month where no transactions were made but the bank will give interest based on the amount which is reflected in the last month.
| Months | Minimum balance between 10th day and the last day |
| Apr | 5000 |
| May | 17500 |
| June | 17500 |
| July | 14000 |
| Aug | 20000 |
| Sep | 20000 |
| Oct | 18500 |
| Nov | 18500 |
Total principal for at the end of November= 1,31,000
Interest = `(131000 xx 4 xx 1)/(100 xx 12) = 436.67`
Thus, interest= Rs 437
Hence, while closing the account, Mr. Burman will get Principal + interest which amounts to:
Rs 18,500/- + Rs 437/- = Rs 18, 937/-
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