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Calculate the term deposit interest earned considering the following scenario: A fixed deposit of INR 5,00,000 was made by a bank customer for 12 months
Calculate the term deposit interest earned considering the following scenario: A fixed deposit of INR 5,00,000 was made by a bank customer for 12 months at a 7% interest rate per annum for 12 months. The customer completed the tenure for fixed deposit. Note that premature penalty is 0.5 percent per annum, interest for 6 months is 5.5% per annum.
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