A sum of ₹x amounts to ₹11979 in 2 years at 15% p.a. when the interest is compounded eight-monthly. The value of x is:
Answer & explanation
Correct answer: option 2
Rate = 15% p.a ⇒ 10% per 8 monthly
2 years = 24 months = 3 × 8 months
10% = 1/10
Now,
ATQ,
1331R → 11979
1R → 9
Principal = 1000R = Rs.9000