a Bank offers 6% compound interest calculated on half yearly Basis. a Customer deposited rs 20000 each on 1st Jan and 1st July in a year. what amount he would have gained through interest by the end of the year.
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Step-by-step explanation:
- 2nd Aproach
- calculate Ci of 20000 for 1 year at half yearly .
you get = 21218
interest = 1218. ( 1 )
- now calculate Ci of 20000 for 6 months at half yearly.
- you get = 20600
- interest= 600. ( 2 )
- Add eq 1&2
- total earning= 1218+600= 1818
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