Question:
A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested is [This Question was asked as TITA]
A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested is [This Question was asked as TITA]
Updated On: Jul 8, 2024
- 15000
- 17000
- 16000
- 18000
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The Correct Option is C
Solution and Explanation
10% is the interest rate.
R=5% and n=3, as it is compounded every six months.
Let the sum be \(P\).
Given, \(P×\bigg(1+\frac{10}{200}\bigg)^3 = 18522\)
\(⇒ P = 18522×\bigg(\frac{20}{21}\bigg)^3 = 16000\)
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