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Question

A certain sum amounts to Rs. 1331 in 112 years at 20% p.a. compound interest compounded half yearly. Determine the sum.

A
Rs. 990
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B
Rs. 1050
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C
Rs. 1000
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D
Rs. 1250
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Solution

The correct option is A Rs. 1000
Amount = Rs 1331
Time = 3/2 = 3 half years
Rate per annum = 20% = 10%
A = P( 1 + r/100 )^n
1331 = P ( 1 + 10/100 )^3
1331 = P( 110/100)^3
1331 × 100/110 × 100/110 × 100/110 = P
1000 Rs = Principle

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