Question

Anil opened a savings account in a bank on 12.11.2008. His first deposit to his account was Rs. 800 on that day. His second deposit to his account was Rs. 1200 on 9.12.2008. Find the sum on which he would receive interest at the end of December 2008.

Answer 1

Minimum balance from the 10th november to the end of november = Rs. 0

Balance in December = Rs. 800 + Rs. 1200 = Rs. 2000

Therefore, minimum balance from the 10th December to the end of December = Rs. 2000

Anil will recieve interest on the sum of minimum balance, i.e., Rs. 2000 at the end of December 2008.