A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1st January and

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Q 1413512440.     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

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Solution
(Provided By a Student and Checked/Corrected by EXXAMM.com Team)

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