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BRIJESH PRAJAPATI

· started a discussion

· 1 Months ago

B (Question:257177.0)

Rate is given half yearly then why you devide again by 2 in solution.... This is erroneous way

Question:

A bank offers 5% compound interest calculated 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 –

Options:
A)

Rs.120

B)

Rs.121

C)

Rs.122

D)

Rs.123

Solution:

Ans: (b)

  

Vishal Mehra

· commented

· 1 Months ago

It should be written 5% compound annually.

Bhuvan Mittal

· commented

· 1 Months ago

yes you are right, or they must have written 5% C.I per annum calculated half yearly basis

Karthik Raju

· commented

· 1 Months ago

no error...its right approach

Pranay SB

· commented

· 1 Months ago

Amount is deposited twice bro.
First deposit is calculated for two halves (Jan to July and July to Dec)
Second deposit is calculated for one half ( July to Dec)
So, there are 3 terms. Hope you understood.
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