A bank offers 5% compound interest calculated on half yearly basis. A customer deposits Rs.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 Rs.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 Rs. 121

$$\eqalign{ & {\text{ = Rs}}.\left \cr & {\text{ = Rs}}.\left \cr & {\text{ = Rs}}.\left \cr & {\text{ = Rs}}.\left( {\frac{{1600 \times 41 \times 81}}{{40 \times 40}}} \right) \cr & {\text{ = Rs}}.\,3321 \cr & \therefore {\text{C}}{\text{.I}}{\text{. = Rs}}.\left( {3321 - 3200} \right) \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\, = {\text{Rs}}.\,121 \cr} $$
Bissoy MCQ

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