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Question
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| Date | Particulars | Amount Withdrawn (Dr) Rs P | Amount Deposits (Cr) Rs.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 |
Sum
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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