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    Question

    A Bank came up with an interesting investment plan under

    which it would offer 6% interest compounded half-yearly. Mr. 'X' deposited ₹ 80000 once at the beginning of the year and once more in the middle of the year under this scheme. How much interest would he have earned at the end of the year?
    A ₹ 3134.72 Correct Answer Incorrect Answer
    B ₹ 6363 Correct Answer Incorrect Answer
    C ₹ 9060 Correct Answer Incorrect Answer
    D ₹ 7272 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Amount at the end of the year = 80000 x {1 + (6/200)}² + 50000 x {1 + (6/200)} = 80000 x 103/100 x [(103/100) + 1] = 80000 x 103/100 x 203/100 = ₹ 167272 ∴ Interest earned = 167272 - 160000 = ₹ 7272

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