Mathematics · Compound Interest
A bank offers 7.8% compound interest per annum calculated on a half-yearly basis. A customer deposits ₹9,920 each on 1 January and 1 July of a year. At the end of the year, the amount he would have gained by way of interest is closest to:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹1,185.69
- 2₹1,183.37
- 3₹1,175.73✓
- 4₹1,174.16
Correct answer
₹1,175.73
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