CAT Exam > CAT Questions > A person invested a certain amount of money a...
Start Learning for Free
A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested is
Correct answer is '16000'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
A person invested a certain amount of money at 10% annual interest, co...
Let the sum be P.
Most Upvoted Answer
A person invested a certain amount of money at 10% annual interest, co...
Given:
To find: The amount invested
Approach:
Answer: The person had invested Rs 16000.
- Rate of interest = 10% per annum
- Interest is compounded half-yearly
- After one and a half years, interest and principal together became Rs 18522
To find: The amount invested
Approach:
- Let the amount invested be P
- Rate of interest per half-year = 10%/2 = 5%
- Time period = 1.5 years = 3 half-years
- Using the formula for compound interest: A = P(1 + R/100)n
- Where A is the amount after n years, P is the principal, R is the rate of interest and n is the number of years
- After 3 half-years, the amount will be: P(1 + 5%/100)3 = P(1.05)3
- Given that the total amount after 1.5 years is Rs 18522
- Therefore, P(1.05)3 = 18522
- Solving for P, we get: P = 16000
Answer: The person had invested Rs 16000.
Attention CAT Students!
To make sure you are not studying endlessly, EduRev has designed CAT study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CAT.
|
Explore Courses for CAT exam
|
|
Similar CAT Doubts
Top Courses for CATView all
A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer?
Question Description
A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer?.
A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer?.
Solutions for A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT.
Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.
Here you can find the meaning of A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer?, a detailed solution for A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer? has been provided alongside types of A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A person invested a certain amount of money at 10% annual interest, compounded half-yearly. After one and a half years, the interest and principal together became Rs 18522. The amount, in rupees, that the person had invested isCorrect answer is '16000'. Can you explain this answer? tests, examples and also practice CAT tests.
|
|
Explore Courses for CAT exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup