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      Question

      'P' invested a certain amount at

      21% per annum simple interest for 2 years. If he had instead invested the same amount at 20% per annum compound interest, compounded annually for 2 years, the interest earned would have been Rs. 150 more. What was the sum invested by 'P'?
      A Rs.7,500 Correct Answer Incorrect Answer
      B Rs.7,200 Correct Answer Incorrect Answer
      C Rs.5,500 Correct Answer Incorrect Answer
      D Rs.2,500 Correct Answer Incorrect Answer

      Solution

      ATQ, Let the sum invested by 'P' be Rs. 'p'. ATQ; {(p × 21 × 2)/100} + 150 = p × (1.2)2 - p (42p + 15000) = 0.44p X 100 Or, 2p = 15000 So, p = 7,500 So, sum invested by 'P' = Rs.7,500

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