A sum of ₹x amounts to ₹49,247 at 15% p.a. in 2 years, interest compounded 8-monthly. The value of x is:
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Correct answer: D
Explanation
The correct answer is Option 4 i.e. 37,000.
Amount = Principal(1 + Rate/100)Time
Amount = 49,247
Rate = (15 × 8/12) = 10
Time = (2 × 12/8) = 3
49,247 = x (1 + 10/100)3
⇒ 49,247 = x (110/100)3
⇒ (49,247 × 100 × 100 × 100)/(110 × 110 × 110) = x
⇒ 37,000 = x