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MEAP Preparation - Grade 7 Mathematics
1.119 Saving Bank Account

Rules of a Savings Bank (SB) Account are as follows:

1. Interest will be calculated for each calendar month on the lowest balance between the 11th day and the end of the month.
2. Interest will be calculated at the rate of 5% per year after adjusting the amount to the nearest dollar.
3. Interest will be credited every six months i.e., in March and September for every year. Interest so calculated will be added to the principal and will become the principal for the next six months.

Example: A person's S.B. Account entries are given below.
In 1989, 1st April balance $4,500, 19th April deposit $1,000, 6th May withdrawal $1,500, 10th June withdrawal $800, 5th July deposit $500 and 12th September deposit $700. Find how much amount will be in his account on 1st October 1989.
Solution: Entries in the correct proforma are given below.
1st April---------$4,500
19th April------$1,000$5,500
6th May---$1,500---$4,000
10th June---$800---$3,200
5th July------$500$3,700
12th September------$700$4,400

Directions: Saving Bank Accounts of certain individuals are given below. Find the balance in each account on the date indicated after calculating and adding interest.
Q 1:


Q 2:


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Question 4: This question is available to subscribers only!

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