Question

Kapil deposited Rs. 1600 in a bank on 1st January 2005. Find the amount in his bank account on 1st January 2006, if the bank pays interest at 8% per annum and the interest is calculated every year on 30th June and 31st December.

Answer 1

SI=PRT/100

=10000*5*42/12*100

=1750

SI=1750

TOTAL AMOUNT=PRINCIPLE+SI

=10000+1750

=101750