A sum is invested at compound interest (compounded annually) at a certain rate. The interest earned in the 1st year is ₹2,000, and in the 2nd year it is ₹2,400. Find 50% of the sum Invested.
A.₹5,000✓ Correct
B.₹8,000
C.₹7,000
D.₹4,000
Explanation
Difference in interest = 2400-2000 = 400, which is interest on 2000 for 1 year, so rate = 400/2000×100 = 20%. Principal = CI1/rate = 2000/0.2 = ₹10,000. 50% of 10,000 = ₹5,000.
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