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Question 92
A bank offers 5% compound interest per half year. A customer deposits Rs. 3200 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. 3,200 and Rate = 5%
Amount after 6 months = $$3200\times\dfrac{105}{100} = Rs.3360$$
Principal for next 6 months = Rs.3360+Rs.3200 = Rs.6560.
Amount after another 6 months = $$6560\times\dfrac{105}{100} = Rs.6888$$
Total interest received in 1 year = Rs.6888 - (Rs.3200+Rs.3200) = Rs.488.
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