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A certain bank offers 8% rate of compound interest on the 1st year and 9% on the 2nd year in a certain fixed deposit scheme. If Rs. 17,658…

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A certain bank offers 8% rate of compound interest on the 1^st year and 9% on the 2^nd year in a certain fixed deposit scheme. If Rs. 17,658 is received after investing for 2 years in this scheme, then what was the amount (in Rs) invested?

A16000
B15000
C15500
D16500

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Discussion 1

CCommunity18 Jul 2019

According to question,

17658 = P(1 + 8/100)(1 + 9/100)

⇒ 17658 = P × 108/100 × 109/100

⇒ P = Rs. 15000

∴ The amount invested = Rs. 15000