1. A bank offers 15% compound interest per half year. A customer deposits Rs 7200 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by means of interest is
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By: anil on 05 May 2019 02.16 am
The interest earned on 7200 from Jan to July will be $$7200 imes 15 imes frac{1}{100}$$ (Since rate of interest is 15 % per 6 months) = $$72 imes 15 = 1080$$ Hence, 7200 will amount to 8280. He adds another 7200 to this. So the net amount becomes 7200 + 8280 = 15480. Now interest earned on this amount in a period of 6 months will be $$15480 imes 15 imes frac{1}{100} = 2322$$ So the final amount will be 15480 + 2322 = 17802 Total money he deposited = 7200 + 7200 = 14400 Hence, amount earned via interest = 17802 - 14400 = Rs. 3402 => Ans - (B)
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