A certain bank offers 8% rate of compound interest on the 1st year and 9% on the 2nd year in a certain fixed deposit scheme. If Rs. 17,658 is received after investing for 2 years in this scheme, then what was the amount (in Rs) invested?
1). 16000
2). 15000
3). 15500
4). 16500
According to question,
17658 = P(1 + 8/100)(1 + 9/100)
⇒ 17658 = P × 108/100 × 109/100
⇒ P = Rs. 15000
∴ The amount invested = Rs. 15000