 Hello and welcome to the session. In this session we are going to discuss the following question and the question says that a paid from saving bank account passbook of Mr. Smith is given below. Find the interest received by Mr. Smith for the period of 1st January 2001 to 31st December 2001 at the rate of 4.5% per annum. b slash f stands for brought forward from the previous page of the passbook. We know that simple interest is equal to p into r into t upon 100 where p is equal to the principal, r is equal to the rate of interest, t is equal to time. With this key idea let us proceed with the solution. First we shall calculate the principal for one month and then we will calculate the interest for the required period of time. As per the entries of the passbook the qualifying amount from the 10th day of every month is on 3rd January 2001. The balance amount brought forward from the previous page of the passbook is $12,500 so the qualifying amount for the month of January is $12,500. An amount of $1,050 is withdrawn on 9th Feb so that the balance amount becomes $11,450 so the qualifying amount for the month of February is $11,450. An amount of $2,000 is deposited on 6th March and another amount of $1,550 is deposited on 10th March so that the balance amount becomes $15,000. The next transaction is made on 9th July so the balance amount for the months of March, April, May and June is $15,000. So the qualifying amount for interest for the months from March to June is $15,000 x 4 that amounts to $60,000. As the balance amount on 9th July is $13,200 so for the months of July, August and September the qualifying amount will be $13,200 x 3 which amounts to $39,600. An amount of $2,800 is deposited on 24th September so that the balance amount becomes $16,000 and the next transaction made is on 7th November so the qualifying amount for the month of October will be $16,000. The balance amount on 7th November is $5,000 and the next transaction is on 12th December so for the months of November and December the qualifying amount is $5,000 x 2 for 2 months which amounts to $10,000. So the total principal becomes $149,550. Hence the principal for one month is equal to $149,550. Time is one month which is equal to 1 x 12 year. The rate of interest given is equal to 4.5% per annum which is equal to 9 x 2% per annum. As interest is equal to P x R x T x 100 so here the interest will be equal to $149,550 x 9 x 2 x 1 x 12 x 1 x 100. So this is equal to 3 x 3 x 9 x 3 x 4 x 12 x 5 x 2 x 10 x 5 x 2 x 2991 is $14,955. So this is equal to 2991 x 3 x 16 which is equal to $8973 x 16 which is equal to $560.81. Hence the interest received by Mr. Smith in the given period is equal to $560.81 which is our answer. This completes our session. Hope you enjoyed the session.