Multiple Choice Questions on A bank offers 5 compound interest calculated on half yearly basis A customer deposits Rs 1600 each o........... for Combined State Civil Services Preparation

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Multiple Choice Questions

A bank offers 5 compound interest calculated on half yearly basis A customer deposits Rs 1600 each o...........

Quantitative Aptitude (CSC) Compound Interest
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    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:

    120

    Incorrect Answer

    121

    Correct Answer

    122

    Incorrect Answer

    123

    Incorrect Answer
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    Explanation:
    Amount
    = Rs. 1600 x 1 + 5/ 2 + 1600 x 1 + 5/
    2 x 100 2 x 100
     
    = Rs. 1600 x 41/ x 41/ + 1600 x 41/
    40 40 40
     
    = Rs. 1600 x 41/ 41/ + 1
    40 40
     
    = Rs. 1600 x 41 x 81/
    40 x 40
     

    = Rs. 3321.

    C.I. = Rs. (3321 - 3200) = Rs. 121

    Hence, option 2 is the correct answer.

    By: Amit Kumar
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