Question
An individual invested an amount of money in a financial
scheme that accrues compound interest at an annual rate of 30%, compounded yearly. After 2 years, the total amount accumulated to Rs. 6084. Determine the initial amount invested in this scheme.Solution
Let, the sum invested in the scheme be Rs. 'x'. ATQ, x X [1 + (30/100) ]2Â = 6084 Or, x X (13/10)Â 2Â = 6084 Or, x = (6084/1.69) Or, x = 3,600 So, the sum invested = x = Rs. 3,600
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