📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    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

    Practice Next
    More Simple and compound interest Questions
    ask-question