The compound interest on a certain sum at 10% p.a. for $2\frac{1}{3}$ years is ₹1,201.60, interest compounded yearly. The sum is:
Answer & explanation
Correct answer: option 2
CI rate for 1st 2 years = 10% = \(\frac{1 }{10}\)
CI rate for \(\frac{1 }{3}\)rd year = \(\frac{10 }{3}\)% = \(\frac{1 }{30}\)
Now, Principal : Amount
For 1st year 10 : 11
For 2nd year 10 : 11
For 1/3rd year 30 : 31
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Overall 3000 : 3751
ATQ,
CI = ( 3751 - 3000 )R = 1201.60
1R = 1.6
Now , Sum = 3000R = 3000 × 1.6 = Rs. 4800