Question

Hariti invested a certain sum of money for 3/2 years at the rate of 15% per annum compounded six-monthly. At the end of 3/2 years she receives a compound interest of ₹1891.50 . Find the sum invested by hariti.

Answer 1

it's a little tricky but loved to answer it

Answer 2

Given :

Hariti invested a certain sum of money for 3/2 years at the rate of 15% per annum compounded six-monthly. At the end of 3/2 years she receives a compound interest of ₹1891.50 .

To Find :

Find the sum invested by hariti.

Solution:

Let x be the sum invested by Hariti

Time =$\frac{3}{2} years$

Rate of interest = 15% = 0.15

Compound interest = Rs.1891.50

Amount = Principal+Interest = x+1891.50

No. of compounds per year = n = 2

Formula:

$A=P(1+\frac{r}{n})^{nt}$

$x+1891.50=x(1+\frac{0.15}{2})^{2 \times \frac{3}{2}}$

x+1891.50=1.242296875 x

1891.50=1.242296875 x-x

1891.50=0.242296875x

$\frac{1891.50}{0.242296875}=x$

7806.53=x

Hence the sum invested by Hariti is Rs.7806.53