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:
A.Rs. 120
B.Rs. 121
C.Rs. 122
D.Rs. 123
Answer:B
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:
A.Rs. 120 B.Rs. 121 C.Rs. 122 D.Rs. 123