Question

A bank offers 5% compound interest per half year.A customer deposits rs 9600 each on january 1 and july 1 of a year.At the end of the year the amount he would gained by way of interest?​

Answer 1

Answer:

Hence, amount earned via interest = Rs 1464

Step-by-step explanation:

THE INTERST EARNED ON 9600 FROM JAN TO JULY WILL BE 9600X5X1/100

(SINCE RATE OF INTEREST IS 5%PER 6 MONTHS )

=96X5

Hence, 9600 will amount to 10,080. He adds another 9600 to this. So the net amount becomes 9600 + 10080 = 19680.

Now interest earned on this amount in a period of 6 months will be

19680×5×1/100=984

So the final amount will be 19680 + 984 = 20664

Total money he deposited = 9600 + 9600 = 19200

Hence, amount earned via interest = 20664 - 19200 = Rs 1464

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Answer 2

Answer:

Step-by-step explanation: