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Question

# Below are the entries in a Saving Bank Passbook: DateParticularsWithdrawalDepositBalance01−01−07B/fRs.1400001−02−07By cashRs.11500Rs.2550012−02−07To chequeRs5000Rs.2050005−04−07By cashRs.3750Rs.2425015−04−07To chequeRs.4250Rs.2000009−05−07By cashRs.1500Rs.2150004−06−07By cashRs.1500.Rs.23000 Find the interest for six months (from January to June) at 4% per annum on the minimum balance on or after the tenth day of each month.

A

Rs. 478.89

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B

Rs. 398.33

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C

Rs. 400.90

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D

Rs. 599.33

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Solution

## The correct option is B Rs. 398.33 We have the following entries according to the details given: MonthBalance of the monthMinimum balance between 10th to the last day of the monthQualifying BalanceJanuaryRs.14000Rs.14000Rs.14000FebruaryRs.25500,Rs.20500Rs.20500Rs.20500MarchRs.20500Rs.20500Rs.20500AprilRs.20500,Rs.24250,Rs.20000Rs.20000Rs.20000MayRs.20000,Rs.21500Rs.21500Rs.21500JuneRs.21500,Rs.23000Rs.23000Rs.23000TotalRs.119500 Here, principal for 1 month = Rs.119500, rate of interest = 4%, time = 112 year Interest = Rs. (119500×4×112)100 = Rs.398.33

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