Mathematics · Compound Interest
A bank offers 5% compound interest calculated on a half-yearly basis. A customer deposits Rs. 1,600 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:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Rs. 123
- 2Rs. 122
- 3Rs. 121✓
- 4Rs. 120
Correct answer
Rs. 121
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