Johnny goes to a bank that offers a 5% compound interest calculated on a half-yearly basis. He deposits Rs. 2000 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
Answers
Given : Johnny goes to a bank that offers a 5% compound interest calculated on a half-yearly basis.
He deposits Rs. 2000 each on 1st January and 1st July of a year.
To Find : At the end of the year, the amount he would have gained by way of interest
Solution:
A = P(1 + R/100)ⁿ
Interest A - P
P = 2000 Deposited on 1st January
R = 5 %
n = 2 ( 1 year = 2 * 6 months)
A = 2000 ( 1 + 5/100)² = 2205
Interest = 2205 - 2000 = Rs 205
P = 2000 Deposited on 1st Jul
R = 5 %
n = 1
A = 2000 ( 1 + 5/100) = 2100
Interest = 2100 - 2000 = Rs 100
Total Interest = 205 + 100 = Rs 305
Correct option a) 305
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