A bank offers 5 % compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 ea

English

Gujarati

Hindi

6.Interest

medium

A bank offers $5 \%$ compound interest calculated on half-yearly basis. A customer deposits $Rs. 1600$ each on $1^{st}$ January and $1^{st}$ July of a year. At the end of the year, the amount (In $Rs.$) he would have gained by way of interest is

$120$

$121$

$122$

$123$

Here, CI is calculated on half-yearly basis

Hence, Amount would be defined as:

$A=\left[1600\left(1+\frac{5}{2 \times 100}\right)^{2}+1600\left(1+\frac{5}{2 \times 100}\right)\right]$

$\left(\right.$ Where Rate $\left.=\frac{\text { Rate }}{2}=\frac{5}{2} \%\right)$

$A = Rs \cdot\left[1600 \times \frac{41}{40}\left(\frac{41}{40}+1\right)\right]= Rs .3321$

$C I=A-P=R s \cdot(3321-3200)=R s .121$

Standard 13

Quantitative Aptitude

medium

hard

medium

medium

medium