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A man invested ₹(P+500) at 10% p.a. compound interest for two years, and he received interest of ₹1785. If he invested ₹(P-1000) at the same rate for the same period, then find the compound interest received by him (in ₹).

1. 1470
2. 1520
3. 2190
4. 1860

Correct answer: 1470

Solution

For 2 years at 10%, compound interest is 21% of the principal. So the first principal is 1785/0.21 = 8500, giving P + 500 = 8500 and P = 8000. The second principal is 7000, and 21% of 7000 is 1470.

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