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InterviewSolution
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Bala opened a saving bank account with a bank on 4-1-2007 where interest is credited at the year end. The sum of the minimum balance held by bala up to the end of december 2007 was rs 4800 he earned an interest of Rs 2 month that year find the annual rate of interestA. 6% per annumB. 4.5% per annumC. 5% per annumD. 4% per annum |
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Answer» Correct Answer - a Let the annual rate of interest be R% per annum Total interest for that year (in Rs ) =(2)(12)=24 `24=((4800)(R ))/((100)(12)) R=6% |
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