Question
Anjali invested Rs.12000 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.2520 then find the value of ‘x’.Solution
According to the question, => 2520 = 12000 x [(100 + x)/100]2 – 12000 => 14520 = 1.2 x (100 + x)2 => (100 + x)2 = 12100 => x = 110 – 100 => x = 10
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