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:
Explanation:
Amount =1600×1+52×1002+1600×1+52×100=Rs. 3321
∴ C.I. = Rs. (3321 - 3200) = Rs. 121
Hence, option (b).
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