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Jagan invested a amount of money in a business, the interest compounded yearly for 2 years is Rs. 2715. If the rate of interest compounded yearly for 2 years is Rs. 2715. If the rates of interest for successive years are 6% and 8% per year. Find the sum he invested.
1. Rs. 16570
2. Rs. 18750
3. Rs. 15680
4. Rs.18750

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Correct Answer - Option 2 : Rs. 18750

Given∶ 

Interest he get compounded = Rs. 2715

Time period ∶ 2 

Rate of interest for the successive years = 6% and 8%

Formula Used∶ 

A = P (1 + R1/100) (1 + R2/100) (1 + R3/100)..........

CI = A - P

Calculation

Use the formula,

A = P(1 + R1/100) (1 + R2/100)

⇒ A = P(1 + 6/100) (1 + 8/100)

⇒ P (53/50 × 27/25)

⇒ 1431 P/1250

CI = A - P = (1431P/1250) - P

⇒ 181P/1250

CI = 181P/1250      (1)

Also, CI = 2715      (2)

From eq.(1) and (2)

181P/1250 = 2715

⇒ P = (2715 × 1250)/181 = Rs. 18750

∴ Jagan invested the sum of Rs. 18750.

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