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 answers:
A) 120
B) 121
C) 122
D) 123
E) 124
Amt = (1600*(1+5/2*100) ^2 + 1600 * (1+5/2*100)   =$ 3321   CI = $(3321-3200)= 
<gadget id="calculator">(3321-3200)</gadget>
<output>121</output>
$121   ANSWER 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: