A bank offers 15% compound interest per half year. A customer deposits Rs 2400 each on 1st January and 1st July of a year. At the end of th…

We know that,

$(A\; = \;P{\left( {1\; + \;\frac{R}{{n \times 100}}} \right)^{T \times n}}\;)$

Where R = rate

T = no. of years

n = no. of times interest is compounded

P = principal

C.I = A - P

Where C.I = compound interest,

A = Amount

Given, the bank offers 15% compound interest per half year. A customer deposits Rs 2400 each on 1st January and 1st July of a year

Thus, for sum of money deposited on 1st January, rate will be compounded twice while for sum of money deposited on 1st July, rate is compounded once

$(A = 2400{\left( {1 + \frac{{15}}{{200}}} \right)^{1 \times 2}} + 2400\left( {1 + \frac{{15}}{{100}}} \right))$

⇒ A = Rs. 5353.5

C.I = 5353.5 - 2400 - 2400 = Rs. 553.5