a) Rs. 2400
b) Rs. 2500
c) Rs. 2480
d) Rs. 2440
Answer: a
Explanation:
$$\eqalign{
& {\text{Rate = 12}}\% \cr
& {\text{Time = 2 years}} \cr
& {\text{Effective rate of CI for 2 years}} \cr
& {\text{ = 12 + 12 + }}\frac{{12 \times 12}}{{100}} \cr
& = 25.44\,\% \cr
& {\text{Effective rate of SI for 2 years}} \cr
& {\text{ = 12}} \times 2{\text{ = 24}}\,\% \cr
& {\text{Required SI}} \cr
& {\text{ = }}\frac{{2544}}{{25.44}} \times {\text{24}} = {\text{ Rs. 2400}} \cr} $$
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