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.).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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