1.

A bank offers 20% compound interest per half year. A customer deposits Rs. 6000 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 is1). Rs. 76802). Rs. 38403). Rs. 19204). Rs. 960

Answer»

For first half year

Principal = RS. 6, 000

RATE of INTEREST = 20%

As rate is calculated semi annually

Interest = (6000 × 20 × 1)/100 = Rs. 1200

For the second half year

Principal = 6000 + 1200 + 6000 = Rs. 13200

Interest = (13200 × 20 × 1)/100 = Rs. 2640

Total interest = 1200 + 2640 = Rs. 3840


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