Question : Compound interest on a certain sum of money invested for 1.5 years at the rate of 10% per annum, compounded half-yearly is INR 5,044. What is the sum?
Option 1: INR 32,000
Option 2: INR 37,044
Option 3: INR 33,000
Option 4: INR 22,000
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Correct Answer: INR 32,000
Solution : Given: Amount, $\mathrm{A = 5044}$ Rate of interest, $\mathrm{r = \frac{10}{2}=5}$% half yearly Period of compounding, $\mathrm{n = 2}$ Time, $\mathrm{t = 1.5}$ years Let the principal be $P$. We know that, $\mathrm{A = P \left(1 + \frac{r}{n}\right)^{nt} - P}$ $⇒\mathrm{5044 = P \left(1 + \frac{5}{100}\right)^{2 \times 1.5} - P}$ $⇒\mathrm{5044 = P (\frac{21}{20})^{3} - P}$ $⇒\mathrm{\frac{1261P}{8000}=5044}$ $⇒\mathrm{P =32000}$ Hence, the correct answer is INR 32,000.
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