Question
Anjali invested Rs.14000 in a scheme offering compound
interest of x% p.a. compounded annually. If at the end of 2 years, interest received by her from the scheme is Rs.6160 then find the value of ‘x’.Solution
According t the question, => 6160 = 14000 x [(100 + x)/100]2 – 14000 => 20160 = 1.4 x (100 + x)2 => (100 + x)2 = 14400 => x = 120 – 100 => x = 20
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