A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits $ 1600 each on 1stJanuary and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is:
Choose the correct choice from the following choices:
A) $120
B) $121
C) $122
D) $123
E) $124
Amount	= $ 1600 x 1 +	5 2	+ 1600 x 1 +	5   2 x 100 2 x 100   = $ 1600 x	41	x	41	+ 1600 x	41   40 40 40   = $ 1600 x	41 41	+ 1   40 40   = $ 1600 x 41 x 81   40 x 40   = $ 3321.   C.I. = $. (3321 - 3200) = $ 121   ANSWER : $121 $ 121
<result>B</result>
A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits $ 1600 each on 1stJanuary and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is: