Scheme A offers compound interest (compounded annually) at a certain rate of interest (percent per annum). When a sum was invested in the scheme it amounted to Rs. 14112 after 2 years and Rs. 16934.40 after 3 years. What was the sum of money invested?
A. 9000
B. 10200
C. 8800
D. 9800
Answer: Option D
Solution(By Examveda Team)
Interest Rate = (16934.4 - 14112) / 14112 = 20%Amount Invested = 14112/(1.20)^2 = 9800
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