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Mrs. Swami Had a Savings Bank Account with the State Bank of India, from `13^"Th"` Feb 09 to 6th August 09. Calculate Interest Earned by Mrs. Swami on Her S.B. Account up to `31^"St"` July 09 . - Mathematics

Sum

Mrs. Swami had a savings bank account with the state bank of India, from `13^"th"` Feb 09 to 6th August 09. The following table shows the entries in her passbook for the above said periods. Calculate the interest earned by Mrs. Swami on her S.B. Account up to `31^"st"` July 09 at the rate of 5% per annum.

Date Particulars Amount Withdrawn (Dr) Rs P Amount Deposits (Cr) Rs. P Balance Rs. P
Feb 13 By Cash   500.00 500.00
March 3 By cheque   735.00 1,235.00
March 14 By cheque   1,040.00 2,275.00
May 10 To cheque 240.00   2.035.00
May 22 To cash 430.00   1,605.00
June 19 By cash   780.00 2,385.00
July 26 To cash 980.00   1,405.00
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Solution

Minimum balance for Feb. = Rs. 0
Minimum balance for Mar.= Rs. 1,235
Minimum balance for Apr. = Rs. 2,275
Minimum balance for May = Rs. 1,605
Minimum balance for June = Rs. 1,605
Minimum balance for July = Rs. 1,405
Total principal = Rs. 8,125
Rate = 5% p.a. and time = 1/12 year.

∴ Interest = `(PxxRxxT)/100 = (8,125xx5xx1)/(100xx12) = Rs. 33.85 Ans`

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