cat 2020 Question 20

Question

A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested is

Accepted Answer

Given,

Rate of interest = 10%

Since it is compounded half-yearly, R=5%

n=3

We know, A = P(1+$\frac{R}{100})^n$

18522 = P(1+0.05$)^3$

=> P = 16000

Question 20.

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Question 20.

Question Explanation

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