A bank offers 5% compound interest calculated on half-yearly basis. A customer deoposits INR 1600/- each on 1st January and 1st July of a year. At the end of a year, the amount he would have gained by way of interest is how much
Received amount
=1600[1+5/2×100]2+1600[1+5/2×100]1
=1600×[41/40]2×1600×41/40
=1600×41/40[41/40+1]
=1600×41×81/1600
=INR 3321/-
Total invested amount = 1600+1600
=INR 3200/-
∴ Gained amount = 3321-3200
= INR 121/-
Directions (next 6 questions) : What will come in place of questions mark (?) in the given number series
16 ,18, 28, 54, ? ,186
1.3, 3, 6.4, 11.5, 18.3
196 ,100, 52, 28, ? ,10
1.5, 2.5, 7, 24, 100
22, 19.7, 24.3, 17.4 ,? ,15.1
