Banking

Subject: Banking Sun Feb 24, 2008 10:50 pm

01.01.05 1200
07.01.05 1700
17.01.05 1300
10.02.05 2100
25.02.05 1600
20.09.05 2300
21.11.05 1700
05.12.05 2000

if Mr.ashok gets Rs.83.75 as interest at the end of the year where the interestis compounded anually,calculate the rate of interest paid by the bank on 31st december,2005.

Active member

min. bal. for the follow. mnths are:-
jan 1300
feb to sept 1600 * 8
oct 2300
nov 1700
dec 2000

total(p) = 20100

I = P*T*R/100*12

therefore, r=I*1200/P*T*R
=83.75*1200/20100
R=5%

farao

Subject: Re: Banking Mon Feb 25, 2008 11:04 pm

Thanks a million. Laughing

Subject: Re: Banking Mon May 30, 2011 11:31 am

jan= 1300
feb= 1600
mar=1600
april=1600
may=1600
june=1600
july=1600
aug=1600
sept=1600
oct=2300
nov=1700
dec=2000
p=20100 i=ptr/100
83.75=20100*i/12*R/100=5%