Practicing Success
The compound interest on a certain sum at 15% p.a. compounded yearly for $2\frac{1}{3}$ years is ₹9327. The sum is: |
₹24000 ₹25000 ₹20000 ₹27000 |
₹24000 |
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
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