Question

hariti invested a certain sum of money for 1 1/2 years at the rate of 15% per annum compounded six monthly. at the end of 1 1/2 years she recieves a compound interest of 1891.50 . find the sum invsted by hariti.

Answer 1

Answer:

The sum invsted by hariti = RS. 1244

Step-by-step explanation:

The formula for annual compound interest, including principal sum P , rate of interest R, number of years N  and amount A is given by,

$A=P[1+\frac{R}{100} ]^{2}$

Here N = 1 1/2 years compounded six monthly.

So we can write N = 3 ( 3 six months in 1 1/2 years)

R = 15%

P = ?

A = 1891.50

To find invested amount

By the compound interest formula,

$A=P[1+\frac{R}{100} ]^{3}$

$1891.50=P[1+\frac{15}{100} ]^{3}$

$1891.50=P[\frac{115}{100} ]^{3}$

$1891.50=P[1+1.15^{3}$

P=1244.40 ≈ Rs. 1244

Therefore, the sum invsted by hariti = RS. 1244