A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is:
- 119
- 120
- 121
- 122
- 123
Explanation
Amount=1600×(1+52×100)2+1600×(1+52×100)=1600×4140×4140+1600×4140=1600×4140(4140+1)=1600×41×8140×40=Rs.3321∴C.I.=Rs.(3321−3200)=Rs.121
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