Rohit invested a sum for 2 years at the rate of 5% p.a. compound interest for 1st year and 6% p.a. for 2nd year. If he received Rs. 2,486 after 2 years then find the sum he invested.
Answer & explanation
Correct answer: option 3
5% = \(\frac{1}{20}\) and
6% = \(\frac{3}{50}\)
ATQ,
⇒ 113 R = 2486
⇒ 1R = 22
Therefore, Principal = 1000 × 22 = Rs.22000