Question

M 23. a 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

Check this attachment :-)

Answer 2

Answer:

from 1st january to june 30:

1600+1600*5%*1/2 --> here we compounded half yearly so

As 5% for yearly so 1/2 of 5% for half yearly.

so for 1st 6 month we get --->1600+1600*5/100*1/2 = 1640

from 1st july to end of year:

1640 will be there and 1600 also added so total becomes.

==3240.

so now we will calculate interest on this amount.

3240+3240*5/100*1/2 = 3321

3321-3200=121--Answer..

Step-by-step explanation: