A invests a sum for two years, he received 5% interest for 1st year and 8% interest for 2nd year and interest is being compounded annually. The amount received after 2 year is Rs.24948. Find the sum?
Answer & explanation
Correct answer: option 3
Total C.I. for 2 years = 50 + 80 + 4 = 134
Amount of 2 years = 1134
ATQ,
1134R = 24948
1R = 22
Principal = 1000R = 1000 × 22 = Rs.22000/-