Question

 bank offers 5% compound interest calculated on half-yearly basis. 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 way of interest is:?​

Answer 1

Answer:

the six month interest 480 rupya

Answer 2

Answer:

total amount = 1640.25

gained amount = 40.25

Step-by-step explanation:

A = P(1+R/100) ^n

in half year basis rate will be divided by 2 year will be divided by 2 hence, there are two half year on one year

A = 1600( 1 +5/2*100) ^2

A = 1600*81/80*81/80

A = 1640.25