A sum of Rs. 12000 will amount to Rs. x at 12% p.a after 2 years, when the interest is compounded 8-monthly. The value of x is (nearest to an integer)
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 15117
When the interest is compounded 8-monthly
Rate will be 12 × (2/3) = 8%
Time = 2 × 3/2 = 3 years
Now Amount = P(1 + R/100)T
x = 12000(1 + 8/100)3
x = 12000(27/25)3 = Rs. 15117