Miss. Kinnari deposits Rs 500 each month in a recurring deposit for 2 years at 5% p.a. At maturity, she transfers the proceeds to a fixed deposit account for 1 year, the interest being compounded half-yearly at the rate of 8% p.a. Find how much money the man earns by interest in all.

Rs 1655.20

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Rs 1600.20

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Rs 1665.20

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Rs 1605.20

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Solution

The correct option is A
Rs 1655.20

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Miss. Kinnari deposits Rs 500 each month in a recurring deposit for 2 years at 5% p.a. At maturity, she transfers the proceeds to a fixed deposit account for 1 year, the interest being compounded half-yearly at the rate of 8% p.a. Find how much money the man earns by interest in all.

The correct option is A Rs 1655.20

The correct option is A
Rs 1655.20