A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1 January and 1 July of a year. At the end of the year, the amount he would have gained by way of interest is:

A bank offers 5% compound interest calculated on half-yearly basis. A

1.	A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1 January and 1 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
Answer» C. Rs. 122

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A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1 January and 1 July of a year. At the end of the year, the amount he would have gained by way of interest is:

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