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# Need thorough explanation

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Manager
Joined: 20 Sep 2016
Posts: 170
Need thorough explanation  [#permalink]

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12 Oct 2017, 21:47
1
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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Math Expert
Joined: 02 Sep 2009
Posts: 47169
Re: Need thorough explanation  [#permalink]

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13 Oct 2017, 08:03
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

Please read carefully and follow our RULES OF POSTING. Thank you.

--== Message from GMAT Club Team ==--

This is not a quality discussion. It has been retired.

If you would like to discuss this question please re-post it in the respective forum. Thank you!

To review the GMAT Club's Forums Posting Guidelines, please follow these links: Quantitative | Verbal Please note - we may remove posts that do not follow our posting guidelines. Thank you.

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

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