Question
A invested Rs. ‘x’ in a scheme offering compound
interest of 20% p.a. compounded annually. If at the end of 2 years, interest received by A was Rs. (x – 3584), then find the value of ‘x’.Solution
According to the question, x – 3584 = x × 1.2 × 1.2 – x Or, 0.56x = 3584 Or, x = 6400
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