A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Tk. 1600 each on 1st July of a year. At the end of the year, how much he would have gained as interest?

A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Tk. 1600 each on 1st July of a year. At the end of the year, how much he would have gained as interest? Correct Answer Tk 121

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