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Question

77. 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:


  1. (b) Rs. 121

  2. (d) Rs. 123

    ​​​​​​​
  3. (a) Rs. 120                               

                            

  4. (c) Rs. 122                                


Solution

The correct option is
77. B

C.I. = Rs. (3321 - 3200) = Rs. 121

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