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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 Mr Prateek is given below:
| Date | Particulars | Withdrawal (In Rs.) |
Deposit (In Rs.) |
Balances (In Rs.) |
| January 1st, 2006 | B/F | - | - | 1270 |
| January 7th, 2006 | By Cheque | - | 2310 | 3580 |
| March 9th, 2006 | To Self | 2000 | - | 1580 |
| June 26th, 2006 | By Cash | - | 6200 | 7780 |
| June 10th 2006 | To Cheque | 4500 | - | 3280 |
| July 15th, 2006 | By Clearing | - | 2630 | 5910 |
| October 18th, 2006 | To Cheque | 530 | - | 5380 |
| October 27th, 2006 | To Self | 2690 | - | 2690 |
| November 3rd, 2006 | By Cash | - | 1500 | 4190 |
| December 6th, 2006 | To Cheque | 950 | - | 3240 |
| December 23rd, 2006 | By Transfer | - | 2920 | 6260 |
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