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Need thorough explanation

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Need thorough explanation  [#permalink]

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New post 12 Oct 2017, 21:47
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A bank 5% compound interest calculated on half yearly basis. A customer deposits $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. $120
B. $121
C. $122
D. $123

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Re: Need thorough explanation  [#permalink]

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New post 13 Oct 2017, 08:03
AdityaHongunti wrote:
A bank 5% compound interest calculated on half yearly basis. A customer deposits $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. $120
B. $121
C. $122
D. $123

Sent from my XT1562 using GMAT Club Forum mobile app


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Re: Need thorough explanation &nbs [#permalink] 13 Oct 2017, 08:03
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