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Q. 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
  • Correct Answer - Option(B)
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