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Question 82
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 ______.
Solution
Principal = Rs. 2800 and Rate = 20%
Amount for first half-year = $$2800\times\dfrac{120}{100} = Rs.3360$$
Principal for next 6 months = Rs.3360+Rs.2800 = Rs.6160.
Amount received in next half year = $$6160\times\dfrac{120}{100} = Rs.7392$$
Total interest = Rs.7392 - Rs.5600 = Rs.1792.
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