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Question

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:

A
Rs.120
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B
Rs.121
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C
Rs.122
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D
Rs.123
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Solution

The correct option is B Rs.121
Amount=Rs.[1600×(1+52×100)2+1600×(1+52×100)]
=Rs.[1600×4140×4140+1600×4160]
=Rs.[1600×4140(4140+1)]
=Rs.[1600×41×8140×40]
=Rs.3321.
C.I.=Rs.(33213200)=Rs.121

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