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A bank offers 5% compound interest ca...

A bank offers 5% compound interest calculated on 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: (a) Rs 120 (b) Rs 121 (c) Rs 122 (d) Rs 123

A

Rs.1,200

B

Rs.1,210

C

Rs.1,230

D

Rs.1,220

Text Solution

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The correct Answer is:
B
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