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Question
The following are the entries in the passbook of a saving account of Ananya during the year 2007. If interest is calculated at 5 % pa, find the interest earned by Ananya during the year
| Date | Particulars | Withdrawals | Deposits | Balance |
| 01.01.2007 | By B/F | 6500.00 | ||
| 05.02.2007 | By Cheque | 7500.00 | 14000.00 | |
| 09.02.2007 | To Cash | 1500.00 | 12500.00 | |
| 06.06.2007 | By Cash | 1725.00 | 14225.00 | |
| 08.09.2007 | By Cheque | 375.00 | 14600.00 | |
| 06.11.2007 | By Cash | 6000.00 | 20600.00 | |
| 10.12.2007 | To Cheque | 2500.00 | 18100.00 |
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Solution
| Months | Minimum balance between 10th day and the last day |
| Jan | 6500 |
| Feb | 12500 |
| Mar | 12500 |
| Apr | 12500 |
| May | 12500 |
| June | 14225 |
| July | 14225 |
| Aug | 14225 |
| Sep | 14600 |
| Oct | 14600 |
| Nov | 20600 |
| Dec | 18100 |
Principal at the end of Dec. = Rs 1,67,075
Interest = `(167075 xx 5 xx 1)/(100 xx 12) = 696.14`
Thus, interest is Rs 696.
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