Question

What sum of money will amount to ₹ 23,805 in 2 years at 15 % per annum compound interest ?

• A. True
• B. False
• C. ₹ 18,500
• D. 17,500

Answer 1

The correct option is B

False

Given that A = ₹ 23,805 n = 2 years r = 15 %

Let the sum of Money by P

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

23,805 = P( 1+$\frac{15}{100}{)}^2$
= P($\frac{115}{100}{)}^2$

P = $(\frac{23805\times 100\times 100}{115\times 115}$)
= ₹ 18,000