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Question
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 = ?
Options:
A .  Rs. 120
B .  Rs. 121
C .  Rs. 122
D .  Rs. 123
Answer: Option B

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