Question
A invested Rs. ‘x’ in a scheme offering compound interest of 10% p.a. compounded annually. If at the end of 2 years, interest received by A was Rs. (x – 6320), then find the value of ‘x’.
Solution
According to the question, x – 6320 = x × 1.1 × 1.1 – x Or, 0.79x = 6320 Or, x = 8000
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