Question
Anjali invested Rs.8000 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.3520 then find the value of ‘x’.Solution
According t the question, => 3520 = 8000 x [(100 + x)/100]2 – 8000 => 11520 = 0.8 x (100 + x)2 => (100 + x)2 = 14400 => x = 120 – 100 => x = 20
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