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Compound Interest - General Aptitude

Q1:

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

ANS:B - Rs. 121

Amount
= Rs. 1600 x 1 + 5 2 + 1600 x 1 + 5
2 x 100 2 x 100
 
= Rs. 1600 x 41 x 41 + 1600 x 41
40 40 40
 
= Rs. 1600 x 41 41 + 1
40 40
 
= Rs. 1600 x 41 x 81
40 x 40
  = Rs. 3321.
 C.I. = Rs. (3321 - 3200) = Rs. 121