Mathematics · Interest
A person invests a certain amount for 2 years at an interest rate of 20% per annum under compound interest (compounded annually). The same person invests the same amount for 2 years at a 30% per annum interest rate under simple interest. If the difference between the simple interest and compound interest after 2 years is ₹896, what is the invested amount?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹6,600
- 2₹6,700
- 3₹5,600✓
- 4₹4,600
Correct answer
₹5,600
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