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Question

Q. A bank offers interest 5% compound interest calculated on half yearly basis. A customer deposited Rs 1600 each on 1st January and 1st July of a year. At the end of the year the amount he would have gained as 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
Total amount = 1600 (1+52×100)2+1600(1+52×100)

= 1600((41400×1440+4140))

1600×4140(4140+1)
=1600×41×8140×40

=3321

CI earned = 3321 - 3200 = 121


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