A sum of Rs. 21000 amounts to Rs. 27300 in 3 years at a certain rate percent per annum simple interest. The same sum will amount to what in 1 year at the same rate if the interest is compounded half yearly? (in nearest 1 Rs)
Answer & explanation
Correct answer: option 2
Sum Amount
21000 : 27300
10 : 13
SI = 3 unit
3 = \(\frac{10 × R × 3}{100}\) ⇒ R = 10%
CI rate half yearly = \(\frac{10}{2}\) = 5%
5% → \(\frac{1}{20}\)
20 21
400 441
400 unit = 21000
441 unit = \(\frac{21000}{400}\) × 441 = 23152.5
= ∼ 23153