Question
Ayush invested a certain amount
at a compound interest rate of 20% per annum, compounded annually, for 2 years and earned Rs. 2,376 as interest. What is 75% of the amount he invested?Solution
ATQ,
Let the amount invested = Rs. ‘Y’ ATQ, Y × {1 + (20/100)}2 – Y = 2376 Or, Y × (120/100)2 = Y + 2376 Or, (36Y/25) = Y + 2376 Or, 36Y = 25Y + 59400 So, Y = 59400 ÷ 11 = 5400 Therefore, 75% of amount invested = 5400 × 0.75 = Rs. 4,050
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