Mathematics · Simple and Compound Interest
Amit invested equal sums of money under simple interest and compound interest (compounded annually). The time period for both was 2 years and the rate of interest was 4% per annum. At the end, he found a difference of ₹86 between both the interests received. What was the sum invested in each scheme?
- 1₹54,100
- 2₹53,000
- 3₹52,850
- 4₹53,750✓
Correct answer
₹53,750
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