1. 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:
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By: guest on 01 Jun 2017 05.46 pm
Amount = Rs. 1600 x 1 + 5 2 + 1600 x 1 + 5 2 x 100 2 x 100 = Rs. 1600 x 41 x 41 + 1600 x 41 40 40 40 = Rs. 1600 x 41 41 + 1 40 40 = Rs. 1600 x 41 x 81 40 x 40 = Rs. 3321. C.I. = Rs. (3321 - 3200) = Rs. 121