A bank offers $5 % C . I .$ calculated on a half-yearly basis. A customer deposits $R s . 1600$ each on 1st January and $1 s t$ July of a year. At the end of the year, the amount he would have gained by way of interest is

R s . 120

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R s . 121

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R s . 122

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R s . 123

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Solution

The correct option is B $R s . 121$
Amount=1600
Rate of interest=5%
Time =Half yearly basic
$a m o u n t = 1600 \times (1 + \frac{5}{2 \times 100})^{2} + 1600 \times (1 + \frac{5}{2 \times 100})$
$= 1600 \times \frac{205}{200} + \frac{205}{200} + 1600 \times \frac{205}{200}$
$= 1681 + 1640 = 3321 R s .$
$C . I . = 3321 - 3200 = 121 R s .$

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A bank offers 5% C.I. calculated on a 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

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