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Person A has invested a certain amount at 30% p.a. compound interest. After 2 years, the interest earned is ₹1690.5. Find the sum of money invested.

1. ₹2750
2. ₹2850
3. ₹2250
4. ₹2450

Correct answer: ₹2450

Solution

For 2 years at 30% compound interest, CI = P[(1.3)^2 - 1] = 0.69P. Given CI = ₹1690.5, we get P = 1690.5/0.69 = ₹2450.

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