New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    A certain sum of money invested at a rate of 24% p.a.

    amounts to Rs. 19965 at the end of 15 months if the rate of interest is compounded 5 monthly. Find the sum (in Rs.).
    A 15000 Correct Answer Incorrect Answer
    B 10000 Correct Answer Incorrect Answer
    C 15500 Correct Answer Incorrect Answer
    D 14000 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Desired rate = (5/12) × 24 = 10% Let the sum is Rs. ‘P’. So, 1.10 × 1.10 × 1.10 × P = 19965 Or, P = 15000

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