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      Question

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

      amounts to Rs. 20763.6 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 15900 Correct Answer Incorrect Answer
      C 15600 Correct Answer Incorrect Answer
      D 10600 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 = 20763.6 Or, P = 15600

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