Step 1: Define the scenario
Surjeet makes quarterly withdrawals of \rupee30,000 at the commencement of each quarter, resulting in four annual withdrawals. An annual interest rate of 8% is applied to these drawings.
Step 2: Determine the interest calculation period for each withdrawal
As withdrawals occur at the beginning of each quarter, the interest accrual periods are as follows:
1st withdrawal: 12 months
2nd withdrawal: 9 months
3rd withdrawal: 6 months
4th withdrawal: 3 months
Step 3: Compute the interest for each individual withdrawal
The formula for calculating interest is: Interest \(= \text{Amount} \times \text{Rate} \times \frac{\text{Time}}{12}\)
For the 1st withdrawal: \[ 30,000 \times 8\% \times \frac{12}{12} = \rupee2,400 \] For the 2nd withdrawal: \[ 30,000 \times 8\% \times \frac{9}{12} = \rupee1,800 \] For the 3rd withdrawal: \[ 30,000 \times 8\% \times \frac{6}{12} = \rupee1,200 \] For the 4th withdrawal: \[ 30,000 \times 8\% \times \frac{3}{12} = \rupee600 \] Step 4: Calculate the aggregate interest on all drawings
\[ \rupee2,400 + \rupee1,800 + \rupee1,200 + \rupee600 = \rupee6,000. \]