Question
Peter invested a certain sum of money in a scheme paying
10% simple interest per annum, while Rachel invested half of the sum that Peter invested in a scheme paying 10% interest per annum compounded annually. Also, while Peter invested for 2 years, Rachel invested for 3 years. If the difference in the interest earned by Peter and Rachel was â‚ą897, what was the sum that Rachel had invested?Solution
The correct answer is A
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