Question 66
A sum of ₹12000 will amount to ₹x at 12% p.a after 2 years, when the interest is compounded 8-monthly. The value of x is (nearest to an integer)
Solution
Principal sum = Rs. 12,000
Rate of interest = 12% and time period = 2 years
Thus, amount (when compounded 8 monthly, i.e. $$\frac{12}{8}=1.5$$) = $$P(1+\frac{12}{1.5\times100})^{1.5\times2}$$
= $$12,000\times(1+\frac{2}{25})^3$$
= $$12,000\times(\frac{27}{25})^3$$
= $$0.768\times(27)^3=Rs.$$ $$15,116.54\approx Rs.$$ $$15117$$
=> Ans - (C)
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