Mathematics · Compound Interest
Amit invested an equal sum of money in both simple interest and compound interest (compounded annually) schemes. The time period for both investments was 2 years, and the rate of interest was 4% per annum. At the end of 2 years, he noticed that the interest earned from compound interest exceeded that from simple interest by ₹58. What was the principal amount invested under compound interest?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹35,500
- 2₹36,250✓
- 3₹36,600
- 4₹35,350
Correct answer
₹36,250
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