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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 is received after investing for 2 years in this scheme, then what was the amount (in Rs) invested?
- a)16000
- b)15000
- c)15500
- d)16500
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
A certain bank offers 8% rate of compound interest on the 1st year and...
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
Most Upvoted Answer
A certain bank offers 8% rate of compound interest on the 1st year and...
Given information:
- Bank offers 8% rate of compound interest on 1st year
- Bank offers 9% rate of compound interest on 2nd year
- Rs. 17,658 is received after investing for 2 years
To find: Amount (in Rs) invested
Solution:
Let the amount invested be x.
After 1st year, the amount becomes x + 8% of x = x(1 + 0.08) = 1.08x
After 2nd year, the amount becomes 1.08x + 9% of 1.08x = 1.08x(1 + 0.09) = 1.08x(1.09) = 1.1752x
According to the question, 1.1752x = 17,658
Therefore, x = 17,658/1.1752 = 15,000
Answer: The amount invested was Rs. 15,000.
- Bank offers 8% rate of compound interest on 1st year
- Bank offers 9% rate of compound interest on 2nd year
- Rs. 17,658 is received after investing for 2 years
To find: Amount (in Rs) invested
Solution:
Let the amount invested be x.
After 1st year, the amount becomes x + 8% of x = x(1 + 0.08) = 1.08x
After 2nd year, the amount becomes 1.08x + 9% of 1.08x = 1.08x(1 + 0.09) = 1.08x(1.09) = 1.1752x
According to the question, 1.1752x = 17,658
Therefore, x = 17,658/1.1752 = 15,000
Answer: The amount invested was Rs. 15,000.
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