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Question 63
A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs.18522. The amount, in rupees, that the person had invested is
Correct Answer: 16000
Solution
Given,
Rate of interest = 10%
Since it is compounded half-yearly, R=5%
n=3
We know, A = $$P\left(1+\frac{R}{100}\right)^{^n}$$
18522 = $$P\left(1+0.05\right)^3$$
=> P = 16000
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