Thread: Savings Bank Account...

The entries:-

Date------------------------Balance(Rs)

1 april 2002 4000.75
11 april 3000.75
8 june 3866.00
10 july 2366.00
12 september 5366.00
1 october 5366.00
18 october 3566.00
5 november 4803.00

The bank pays a simple interest of 4% p.a. compounded half-yearly at the end of march and september. The account holder closes the account on 10th april 2003. Find the amount of money that the account holder will receive.

Well, do it.

1 Apr 2002 Deposit 4000.75
Days to 30 Sep 2002 = N <-- You figure this out

I = Prt = 400.75*0.04*(N/365)

Add interest to all the other payments prior to 30 Sep, combine them all into one large value, and you are ready to calculate the interest to 30 March 2003. Then you are almost done.