The compound interest on a certain sum at 15% p.a. compounded yearly for $2\frac{1}{3}$ years is ₹9327. The sum is:
Answer & explanation
Correct answer: option 1
For 1/3rd year ,
Compound interest = \(\frac{15}{3}\)% = 5%
From the formula for compound interest, we know,
C.I = P(1+$\frac{R}{100})^t$– P
9327 = P [ 1 + \(\frac{15}{100}\) ]² × [ 1 + \(\frac{5}{100}\) ] - P
9327 = P [ \(\frac{23}{20}\) × \(\frac{23}{20}\) × \(\frac{21}{20}\) - 1 ]
9327 = P[ \(\frac{11109}{8000}\) - 1 ]
= P [ \(\frac{3109}{8000}\) ]
P = 24000