NumericalModerate2 marks
7(a)
A page from a savings bank account passbook is given below:
If the account is closed on 1st July 2016, find the amount received by the account holder.
Topic: Recurring deposit / interest
Previous-year question practice database
Answer
Exam answer
From part (i):
Interest for January to June = ₹171.50
Balance in the account on closing = ₹10,000
Amount received = balance + interest
= ₹10,000 + ₹171.50
= ₹10,171.50
Answer:
₹10,171.50.
Explanation
When the account is closed, the account holder receives the closing balance together with the interest earned for the six-month period.
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