A bank offers 5% compound interest calculated on half-yearly basis. A customer d

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
Answer: (b).Rs. 121

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