A sum of money is invested at 20% compound interest (compounded annually). It would fetch Rs. 723 more if interest is compounded half-yearly. The sum is?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Rs. 72,300
P(1+ 20/2×100)2 - P(1+20/100) = 723
P(1.21) - (1.2) = 723
P = Rs 72,300