A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1stJanuary and 1stJuly of a year. At the end of the year, the amount he would have gained by way of interest is:

Question

Amount= Rs.1600 x1 +52+ 1600 x1 +52 x 1002 x 100= Rs.1600 x41x41+ 1600 x41404040= Rs.1600 x4141+ 14040= Rs.1600 x 41 x 8140 x 40= Rs. 3321.C.I. = Rs. (3321 - 3200) = Rs. 121

Accepted Answer

Rs. 120

Answer

Rs. 121

Answer

Rs. 122

Answer

Rs. 123

Question 174: A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1stJanuary and 1stJuly of a year. At the end of the year, the amount he would have gained by way of interest is: