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A bank offers 5% compound interest per half year. A customer deposits Rs. 4800 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?1). Rs. 3632). Rs. 14643). Rs. 3664). Rs. 183 |
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Answer» A bank offers 5% compound interest per half year. A customer deposits RS. 4800 each on 1st JANUARY and 1st July of a year. Compound interest for first 6 months = Rs. 4800 × [(1 + (5/200)) - 1] = Rs. 120 Principal amount for next 6 months = Rs. 4800 + 4800 + 120 = Rs. 9720 So, the compound interest for last 6 months = Rs. 9720 × [(1 + (5/200)) - 1] = Rs. 243 ∴ The total interest GAINED = 120 + 243 = Rs. 363. |
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