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A principal amount is invested at 12% per annum simple interest for 4 years, 11 months, and 28 days. The total amount received from this scheme is then invested for 2 years and 2 days in another scheme at 20% per annum compound interest. The compound interest earned from the second scheme is ₹1056.4. Find the approximate amount initially invested in the first scheme.
- 1950
- 1850
- 1500
- 1650
Correct answer: 1500
Solution
First find the amount invested in the second scheme using the compound interest formula. Then reverse the simple interest calculation for the first scheme to get the original principal, which comes out to approximately ₹1500.
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