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

A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Tk. 1600 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 : Correct Answer Tk. 120

Hints: C1 = 1600(1 + 1.5)5 = 1639.51 C2 = (1639.51 + 1600) (1 + .05)5 = 3319.51 The Amount gained = 3319.51 - 2 × 1600 = 119.51 = TK 120
Bissoy MCQ

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