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    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.
    A Rs. 5,000 Correct Answer Incorrect Answer
    B Rs. 4,200 Correct Answer Incorrect Answer
    C Rs. 3,600 Correct Answer Incorrect Answer
    D Rs. 3,500 Correct Answer Incorrect Answer

    Solution

    Let, the sum invested in the scheme be Rs. 'x'. ATQ, x X [1 + (30/100) ]2 = 6084 Or, x X (13/10) 2 = 6084 Or, x = (6084/1.69) Or, x = 3,600 So, the sum invested = x = Rs. 3,600

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