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Question

A page from the saving bank account of Priyanka is given below:
DateParticularsAmount withdrawn (Rs)Amount deposited (Rs)Balance (Rs)
03/04/2006B/F--4,000.00
05/04/2006By cash-2,000.006,000.00
18/04/2006By cheque-6,000.0012,000.00
25/05/2006To cheque5,000.00-7,000.00
30/05/2006By cash-3,000.0010,000.00
20/07/2006By self4,000.00-6,000.00
10/09/2006By cash-2,000.008,000.00
19/09/2006To cheque1,000.00-7,000.00
If the interest earned by Priyanka for the period of ending September, 2006 is Rs. 175, find the rate of interest (in %).

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Solution

Principal up to the month of September, P= Rs. 7,000
Total time from May to September, T=6 months =612=12 years.
Let the rate of interest be R%.
Then, Interest =P×R×T100
175=7,000×R×1100×2
R=175×100×27,000
R=5%

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