A bank offers 20% compound interest per half year. A customer deposits Rs 7600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained from interest is
A) Rs 9727 B) Rs 2432 C) Rs 4864 D) Rs 1216
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Answer:
Rs 4864
Step-by-step explanation:
interest earned in first 6 months = [20/100]x 7600 = ₹ 1520
principal for next 6 months = 7600 + 1520 + 7600 = ₹ 16720
interest earned in next 6 months = 20/100 x ₹ 16720 = ₹ 3344
total interest = ₹ 1520 + ₹ 3344 = ₹ 4864
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