Question

a bank offers 15% compound interest per half year. a customer deposits rs.14400 each on 1st January and 1st July of a year . at the end of the year , the amount he would have gained by means of interest is


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Answer 1

Answer:

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Answer 2

Step-by-step explanation:

For first half year

Principal = Rs. 7,200

Rate of interest = 15%

As rate is calculated semi annually

Interest = (7200 × 15 × 1)/200 = Rs. 540

For the second half year

Principal = 7200 + 7200 = Rs. 14400

Interest = (14440 × 15 × 1)/200 = Rs. 1080

Total interest = 540 + 1080 = Rs. 1620

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