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    Question

    Aman invested 20% of an amount, denoted as Rs. 'P', in a

    compound interest scheme with an annual interest rate of 10%, compounded annually. After 2 years, he earned Rs. 840 in interest. Determine the value of 'P'.
    A 20,000 Correct Answer Incorrect Answer
    B 25,200 Correct Answer Incorrect Answer
    C 15,250 Correct Answer Incorrect Answer
    D 22,155 Correct Answer Incorrect Answer
    E none of these Correct Answer Incorrect Answer

    Solution

    ATQ, 0.2p × [(1.1)2 – 1] = 840 Or, 0.042p = 840 So, p = 20000 Therefore, p = 20000

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