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      Question

      A certain sum of money invested at a rate of 48% p.a.

      amounts to Rs. 26784 at the end of 15 months if the rate of interest is compounded 5 monthly. Find the sum (in Rs.).
      A 15500 Correct Answer Incorrect Answer
      B 15000 Correct Answer Incorrect Answer
      C 14500 Correct Answer Incorrect Answer
      D 16500 Correct Answer Incorrect Answer

      Solution

      Desired rate = (5/12) × 48 = 20% Let the sum is Rs. ‘P’. So, 1.20 × 1.20 × 1.20 × P = 26784 Or, P = 15500

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