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A certain sum, invested at 4% per annum compound interest compounded half yearly, amounts to Rs. 7,803 at the end of one year. The sum is:
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Explanation:
Rate % = 4 %,
time (t) = 1 year
Amount = Rs. 7803
When interest is compounded half-yearly
New Rate % =4\2 =2 %,
Time =1×2= 2 years
Required Rate % for 2 years CI
=2+2+ 2×2\100=4.04 %
According to the question,
(100+4.04) % of sum =Rs. 7803
Sum=7803\104.04×100=Rs. 7500