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Shashank Shah

· started a discussion

· 1 Months ago

Wrong answer (Question: 257177.0 )

In question it is mentioned clearly that rate is on half yearly basis .i.e., 5% is already for half yearly basis . therefore no need to divide it by 2.
For first six months Principal=Rs 1600.
After july Principal=Rs 1600+1640=Rs 3240.
Therefore net gain(CI)= Rs(40 + 82)= Rs 122

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)

  

Shashank Shah

· commented

· 1 Months ago

oh sorry got it...I took it wrong.Answer is correct
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