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Question 65
The compound interest on a certain sum at 15% p.a. compounded yearly for $$2\frac{1}{3}$$ years is ₹9327. The sum is:
Solution
Interest rate = 15 % for 1st and 2nd year
and $$\frac{1}{3\ }of\ 15\ \%\ for\ 3rd\ year$$; i.e; 5%
so, 15% = 3/20 and 5 % = 1/20
As we know, Amount - Principal = Interest
11,109 units - 8000 units = 3109 units
Compound Interest = ₹9327
i.e; 3109 units = ₹9327
1 units = ₹3
Principal = 8000 units
i.e; 8000$$\times\ 3=₹24000$$
Hence, Option A is correct.
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