A bank offers 10% compound interest p.a. calculated on half-yearly basis. A customer deposits Rs. 1900 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:
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Step-by-step explanation:
10% p.a means 5% half yearly
Therefore for
1. Amount deposited in July,
he would get
5% of 1900 =95 at the end of the year.
2. For Amount deposited in January,
5% of 1900 = 1995 at the end of june
For the next six months period,
5% of 1995= 99.75
Final amount becomes
2094.75
Interest becomes 194.75
Total amount that he gets as an interest:-
194.75 + 95
=289.75
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