Arman Funded an amount at the rate of 6 % for a period of 2 years at C.I. while calculating, the rate of interest was interchanged with the time period and the compound interest become S.I, then he gets Rs.2088 less.What will be the amount that he Funded?
ATQ, The total rate of interest at 6 % for a period of 2 years = 12.36% If Rate of interest becomes time, so time period = 6years Time period becomes rate, rate= 2% Total rate of interest at SI= 6 × 2% = 12% Difference in rates = 12.36% − 12% = 0.36% Therefore required Amount Funded by Arman will be = (2088/0.36) × 100% = Rs.580000
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