Mr- Shashank-s saving bank account details are as follows-WhineDate-Particulars-Withdrawal in Rs-Deposit in Rs-Balances in Rs Whline January 1- st - 2006 - B - F - 1270 1 hlineJune 26- th - 20068 By cash-6200- 7780 Whline June 10th 2006-To Cheque-4500-3280111hlineOctober 18-th 2006-To -530-5380111hlineDecember 6- th - 2006 -To Cheque-950-3240Nhline December 23-rd 2006-By Transfer-2920-6260111hline array If he receives 198 as interest on 1st January- 2007 - then what is the rate of interest paid by the bank-A- 3-5 -B- 7-2 -C- 3-68 -D- 4-6 -

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Recurring Deposit Account

Mr. Shashank'...

Question

Mr. Shashank’s saving bank account details are as follows:

$\begin{matrix} D a t e & P a r t i c u l a r s & W i t h d r a w a l (i n R s) & D e p o s i t (i n R s) & B a l a n c e s (i n R s) J a n u a r y 1^{s t} 2006 & B / F & - & - & 1270 J a n u a r y 7^{t h} 2006 & B y C h e q u e & - & 2310 & 3580 M a r c h 9^{t h} 2006 & T o S e l f & 2000 & - & 1580 J u n e 26^{t h} 2006 & B y c a s h & - & 6200 & 7780 J u n e 10^{t h} 2006 & T o C h e q u e & 4500 & - & 3280 J u l y 15^{t h} 2006 & B y C l e a r i n g & - & 2630 & 5910 O c t o b e r 18^{t h} 2006 & T o C h e q u e & 530 & - & 5380 O c t o b e r 27^{t h} 2006 & T o S e l f & 2690 & - & 2690 N o v e m b e r 3^{r d} 2006 & B y C a s h & - & 1500 & 4190 D e c e m b e r 6^{t h} 2006 & T o C h e q u e & 950 & - & 3240 D e c e m b e r 23^{r d} 2006 & B y T r a n s f e r & - & 2920 & 6260 \end{matrix}$

If he receives 198 as interest on 1st January, 2007, then what is the rate of interest paid by the bank?

7.2%

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3.5%

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3.68%

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4.6%

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Solution

The correct option is C
3.68%

Principal for January = Rs 3580

Principal for February = Rs 3580

Principal for March = Rs 7780

Principal for April = Rs 7780

Principal for May = Rs 7780

Principal for June = Rs 3280

Principal for July = Rs 5910

Principal for August = Rs 5910

Principal for September = Rs 5910

Principal for October = Rs 2690

Principal for November = Rs 4190

Principal for December = Rs 6160

Total equivalent principal for 1 month = Rs 64550

Now, P = Rs 64550, I = Rs 198

T = $\frac{1}{12}$ year

Rate % = $\frac{(I \times 100)}{(P \times T)}$ = $\frac{198 \times 100 \times 12}{(64550 \times 1)}$ = 3.68%

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