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    Question

    A certain sum of money invested at a rate of 12% p.a.

    amounts to Rs. 20837.25 at the end of 15 months if the rate of interest is compounded 5 monthly. Find the sum (in Rs.).
    A 12000 Correct Answer Incorrect Answer
    B 13000 Correct Answer Incorrect Answer
    C 19000 Correct Answer Incorrect Answer
    D 18000 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Desired rate = (5/12) × 12 = 5% Let the sum is Rs. ‘P’. So, 1.05 × 1.05 × 1.05 × P = 20837.25 Or, P = 18000

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