A certain, invested at 4% per annum compound interest compounded half-yearly, amounts to Rs.7,803 at the and of one years. THe sum is
1). Rs.7,000
2). Rs.7,200
3). Rs.7,500
4). Rs.7,700
Here is the right answer
Let the sum be P.
As, the interest is compounded
half-yearly,
\R = 2%, T = 2 half years
A = P$(1+\frac{(R)^{t}}{100})$
P = Rs.7,500