A bank offers 20 compound interest per half year A customer deposits Rs 2800 each on 1st January and...........

Quantitative Aptitude (CGL) Compound Interest

A bank offers 20% compound interest per half year. A customer deposits Rs 2800 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 ______.

Rs 3584

Rs 896

Rs 1792

Rs 448

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Explanation:

R = 20% p. Half yearly
Principal on 1 jan = Rs 2800
Interest on 1st July
=2800×20/100
= 560 Rs
Principal on 1st july = 2800 + 560 + 2800= 6160
Interest at the end of year
=6160×20/100= 1232 Rs
Total interest = 560 + 1232
= 1792 Rs