A bank offers $5 %$ compound interest calculated on half-yearly basis. A customer deposits $R s . 1600$ each on $1^{s t}$ 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 $R s . 121$
$A m o u n t = R s . [1600 \times {(1 + \frac{5}{2 \times 100})}^{2} + 1600 \times (1 + \frac{5}{2 \times 100})]$
$= R s . [1600 \times \frac{41}{40} \times \frac{41}{40} + 1600 \times \frac{41}{60}]$
$= R s . [1600 \times \frac{41}{40} (\frac{41}{40} + 1)]$
$= R s . [\frac{1600 \times 41 \times 81}{40 \times 40}]$
$= R s . 3321$ .
$∴ C . I . = R s . (3321 - 3200) = R s . 121$

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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:

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A bank offers $5 %$ compound interest calculated on half-yearly basis. A customer deposits $R s . 1600$ each on $1^{s t}$ 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: