7. A bank offers 5% p.a. compound interest calculated on half-yearly basis. A customer deposits
1600 each on 1st January and 1st July of a year at the end of year, what the amount he would have
gained by way of interest?
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Amount=Rs.[1600×(1+
2×100
5
)
2
+1600×(1+
2×100
5
)]
=Rs.[1600×
40
41
×
40
41
+1600×
60
41
]
=Rs.[1600×
40
41
(
40
41
+1)]
=Rs.[
40×40
1600×41×81
]
=Rs.3321.
∴C.I.=Rs.(3321−3200)=Rs.121
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