Question

A bank offers 5% interest compounded half yearly. A customer deposits Rs. 1600 each on 1st
January and 1st July of a year . At the end of the year , the amount he would have gained by the
way of interest is :
(a) Rs. 123
(b) Rs, 122
(C) Rs. 121
(d) Rs. 120

Answer 1

121 is the right answer.