The difference between compound and simple interest on a certain sum of money at the interest rate of 10% per annum for $1\frac{1}{2}$ years is 183, when the interest is compounded semi annually. Find the sum of money -
Answer & explanation
Correct answer: option 2
CI - SI = \(\frac{1261}{8000}\)P - \(\frac{3}{20}\)P = 183
\(\frac{61}{8000}\)P = 183
P = \(\frac{8000}{61}\) × 183
= 24000
The correct answer is Option (2) → ₹24,000