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A certain bank offers 8% rate of compound interest on the 1st year and 9% on the 2nd year in a certain fixed deposit scheme. If Rs. 17,658 is received after investing for 2 years in this scheme, then what was the amount (in Rs) invested?1). 160002). 150003). 155004). 16500 |
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Answer» According to question, 17658 = P(1 + 8/100)(1 + 9/100) ⇒ 17658 = P × 108/100 × 109/100 ∴ The AMOUNT INVESTED = Rs. 15000 |
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