A sum of ₹x amount to ₹12,777.60 in 2 years at 15%p.a., when the interest is compounded eight-monthly. The value of x is _____.
Answer & explanation
Correct answer: option 3
Interest is compounded 8 monthly.
So, Time = 2 years = 24 months
Rate = \(\frac{8 }{12}\) × 15% = 10%
Now, Principal : Amount
1st 8 month 10 : 11
2nd 8 month 10 : 11
3rd 8 month 10 : 11
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overall 1000 : 1331
ATQ,
1331R = 12777.60
1R = 9.6
Sum = 1000R = 1000 × 9.6 = Rs. 9600