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Question
Virat opened a Savings Bank account in a bank on 16th April 2010. His pass book shows the following entries:
| Date | Particulars |
Withdrawal (Rs.) |
Deposit (Rs.) | Balance (Rs.) |
| April 16, 2010 | , By cash | - | 2500 | 2500 |
| April 28th | By cheque | - | 3000 | 5500 |
| May 9th | To cheque | 850 | - | 4650 |
| May 15th | By cash | 1600 | 6250 | |
| May 24th | To cash | 1000 | - | 5250 |
| June 4th | To cash | 500 | - | 4750 |
| June 30th | To cheque | - | 2400 | 7150 |
| July 3rd | By cash | - | 1800 | 8950 |
Calculate the interest Virat earned at the end of 31st July 2010 at 4% per annum interest. What sum of money will he receive if he closed the account on 1st August 2010?
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Solution
Principal for the month of April = Rs. 0
Principal for the month of May = Rs. 4650
Principal for the month of June = Rs. 4750
Principal for the month of July = Rs. 8950
Total Principal for one month = Rs. 18,350
Time = `1/12` year, Rate = 4 %
Interest earned = `(18350 xx 1 xx 4)/(100 xx 12) = 61.17`
Money received on closing the account on 1st August, 2010
= Last Balance + Interest earned
= Rs. (8950 + 61.17)
= Rs. 9011.17
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A page from the savings bank account of Mrs Ravi is given below.
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| April 3rd 2006 | B/F | 6000 | ||
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