A bank offers 5% C.I. calculated on half-yearly basis . A customer deposits Rs.

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Question

A bank offers 5% C.I. 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

Amount = [1600 * (1 + 5/(2 * 100)² + 1600 * (1 + 5/(2 * 100)]= [1600 * 41/40(41/40 + 1) = [(1600 * 41 * 81)/(40 * 40)] = Rs. 3321.C.I. = 3321 - 3200 = Rs. 121.

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