A bank offers 5 % compound interest calculate | vedclass

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Question

Here, CI is calculated on half-yearly basis

Hence, Amount would be defined as:

$A=\left[1600\left(1+\frac{5}{2 	imes 100}ight)^{2}+1600\left(

Vedclass · Accepted Answer

$121$

Vedclass · Answer

Here, CI is calculated on half-yearly basis

Hence, Amount would be defined as:

$A=\left[1600\left(1+\frac{5}{2 	imes 100}ight)^{2}+1600\left(1+\frac{5}{2 	imes 100}ight)ight]$

$\left(ight.$ Where Rate $\left.=\frac{	ext { Rate }}{2}=\frac{5}{2} \%ight)$

$A = Rs \cdot\left[1600 	imes \frac{41}{40}\left(\frac{41}{40}+1ight)ight]= Rs .3321$

$C I=A-P=R s \cdot(3321-3200)=R s .121$

A bank offers $5 \%$ compound interest calculated on half-yearly basis. A customer deposits $Rs. 1600$ each on $1^{st}$ January and $1^{st}$ July of a year. At the end of the year, the amount (In $Rs.$) he would have gained by way of interest is

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